Guideline Value for Sivasakthi Street

Sivasakthi Street guideline value

The current guideline value of Sivasakthi Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO and is classified as Residential Class II Type - II.

How the guideline value of Sivasakthi Street has changed

The guideline value for Sivasakthi Street has undergone several revisions since 2002. In 2002, the guideline value was Rs 291 per sq.ft, which increased to Rs 326 per sq.ft in 2003, marking a 12% increase. The value saw a significant rise to Rs 1,500 per sq.ft in 2007, reflecting a 360% increase from the previous revision. Following this, the value reached Rs 4,000 per sq.ft in 2012, which was a 167% increase from 2007. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, indicating a 10% increase from 2012.

It is important to note that the register has no figures for the years 2017 and 2023 for Sivasakthi Street. Overall, from 2002 to 2024, the guideline value has increased by 1412%.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Sivasakthi Street.

• Soni Nagar: Rs 3,850 per sq.ft (2024)
• Soni Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Soni Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Soni Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• SPIC Nagar: Rs 4,400 per sq.ft (2024)
• Shawallace Colony 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sivasakthi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sivasakthi Street?

The Sub Registrar Office that covers Sivasakthi Street is 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 Velachery

The guideline value plays a crucial role during the registration of property transactions in Velachery. It serves as the basis for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When you register a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Sivasakthi Street?

The current guideline value of Sivasakthi Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 291 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, which is an overall increase of 1412%.

What is the land classification for Sivasakthi Street?

Sivasakthi Street is classified as Residential Class II Type - II under the guideline value register.

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

The Sub Registrar Office for Sivasakthi Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.