Guideline Value for Sivasakthi Nagar 2nd Street

Sivasakthi Nagar 2nd Street guideline value

The current guideline value of Sivasakthi Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

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

The guideline value for Sivasakthi Nagar 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 83 per sq.ft, which increased to Rs 92 per sq.ft in 2003, marking an increase of 11%. The value saw a significant rise to Rs 350 per sq.ft in 2007, representing a 280% increase. Following this, the value surged to Rs 2,000 per sq.ft in 2012, a remarkable increase of 471%. However, it decreased to Rs 1,340 per sq.ft in 2017, reflecting a decline of 33%. The value then rose to Rs 2,000 per sq.ft in 2023, and finally, it increased to Rs 2,200 per sq.ft in the 2024 revision, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 2551%. There are no figures available for the revisions in years not mentioned in the register.

Guideline values in Nerkundram

Nerkundram village has 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Sivasakthi Nagar 2nd Street.

• Sivasakthi Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sivasakthi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Sivasakthi Nagar 1st Cross Lane: Rs 2,200 per sq.ft (2024)
• Sivasakthi Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Sivasakthi Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Sivanthi Avenue: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sivasakthi Nagar 2nd Street?

The Sivasakthi Nagar 2nd Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Nerkundram. It serves as the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions. Buyers and sellers need to be aware of the current guideline value to avoid any discrepancies during the registration process.

When a property is sold, the guideline value is compared to the sale price. The higher of the two will determine the stamp duty and registration fees applicable. This ensures that the transaction is recorded accurately and complies with legal requirements.

Frequently asked questions

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

The current guideline value of Sivasakthi Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 83 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2551% over the years.

What is the land classification for Sivasakthi Nagar 2nd Street?

The land classification for Sivasakthi Nagar 2nd Street is Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Sivasakthi Nagar 2nd Street?

The Sub Registrar Office covering Sivasakthi Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Sivasakthi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.