Guideline Value for Sivagami Nagar 2nd Street

Sivagami Nagar 2nd Street guideline value

The current guideline value of Sivagami Nagar 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Gowrivakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Sivagami Nagar 2nd Street has changed

The guideline value for Sivagami Nagar 2nd Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 1,600 per sq.ft, an increase of 7% from Rs 1,500 per sq.ft in 2023. Prior to that, the value was Rs 1,005 per sq.ft in 2017, which marked a significant increase of 49% from the previous figure of Rs 1,500 per sq.ft in 2012. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%. Overall, comparing the figures from 2012 to 2024, there has been a modest increase of 7%, reflecting the current guideline value of Rs 1,600 per sq.ft.

Guideline values in Gowrivakkam

In Gowrivakkam, there are 130 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 840 to Rs 3,750 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, indicating that the guideline value for Sivagami Nagar 2nd Street is below this median.

• Sivagami Nagar 2nd Cross Street: Rs 1,600 per sq.ft (2024)
• Sivagami Nagar Anna Street & Extn: Rs 1,600 per sq.ft (2024)
• Sivagami Nagar 1st Street: Rs 1,600 per sq.ft (2024)
• Sivagami Nagar Bharathiyar Street: Rs 1,600 per sq.ft (2024)
• Sivagami Nagar 1st Cross Street: Rs 1,600 per sq.ft (2024)
• Sivagami Nagar E.V.R Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Sivagami Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sivagami Nagar 2nd Street?

The Sub Registrar Office that covers Sivagami Nagar 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Gowrivakkam

The guideline value plays a crucial role during property transactions in Gowrivakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable when registering a property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable fees, which are based on either the sale price or the guideline value, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sivagami Nagar 2nd Street?

The current guideline value of Sivagami Nagar 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,600 per sq.ft in 2024, marking a 7% increase. It was Rs 1,005 per sq.ft in 2017, which was a 49% increase from Rs 1,500 per sq.ft in 2012.

What is the land classification of Sivagami Nagar 2nd Street?

Sivagami Nagar 2nd Street is classified as Residential Special Type - II, indicating its designated use for residential purposes.

Where is the Sub Registrar Office for Sivagami Nagar 2nd Street located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Sivagami Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.