Guideline Value for Sivaprakasa Nagar

Sivaprakasa Nagar guideline value

The current guideline value of Sivaprakasa Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Sivaprakasa Nagar has changed

Since the 2017 revision, the guideline value for Sivaprakasa Nagar has seen significant changes. The 2017 revision set the value at Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 has further increased the value to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, there has been a total increase of 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, positioning Sivaprakasa Nagar's 2024 figure above this median.

• Sivaprakasa Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Sivaprakasa Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Sivaprakasa Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Sivaprakasa Nagar 1st Street / Sankara Nagar: Rs 3,850 per sq.ft (2024)
• Sivaprakasa Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Sivaprakasa Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sivaprakasa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. Please note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sivaprakasa Nagar?

The Sivaprakasa Nagar area is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in this area.

When a property is registered, the guideline value is considered to ensure that the transaction is recorded at a value that reflects the current market conditions. This helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value for Sivaprakasa Nagar?

The current guideline value for Sivaprakasa Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the stamp duty and registration fees for property in Sivaprakasa Nagar?

For a plot of 1,000 sq.ft at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,46,500, based on the guideline value of Rs 38,50,000.

Which Sub Registrar Office covers Sivaprakasa Nagar?

The Velacheri Sub Registrar Office covers Sivaprakasa Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Sivaprakasa Nagar?

Sivaprakasa Nagar is classified as Residential Class I Type - I, which indicates its designation for residential purposes.