Guideline Value for Sivasubramaniyam Street

Sivasubramaniyam Street guideline value

The current guideline value of Sivasubramaniyam Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO and is classified as Residential Class I Type - III.

How the guideline value of Sivasubramaniyam Street has changed

The guideline value for Sivasubramaniyam Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, an increase of 10% from the 2023 revision of Rs 2,500 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 1,675 per sq.ft, marking a significant increase of 49% to the 2023 figure. The overall increase from 2017 to 2024 is 64%.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO, with guideline values 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, which is equal to the current guideline value for Sivasubramaniyam Street.

• Sivasubramani Nagar 6th Main Road: Rs 2,750 per sq.ft (2024)
• Sivasubramaniam Street/Ramalingam Nagar: Rs 2,750 per sq.ft (2024)
• Sivasubramaniam Street, C.L.M.Bank Staff Colony, Ramalinga Nagar: Rs 2,750 per sq.ft (2024)
• Sivaram (Sivaraman) Street, Ram Nagar North: Rs 3,850 per sq.ft (2024)
• Sivaraman Street, Ram Nagar North Extension, Sadasivam Nagar: Rs 3,850 per sq.ft (2024)
• Sivaraman Street, Ram Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sivasubramaniyam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sivasubramaniyam Street?

The Sub Registrar Office covering Sivasubramaniyam 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 information.

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 applicable to the property being bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sivasubramaniyam Street?

The current guideline value of Sivasubramaniyam Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, representing an overall increase of 64% over this period.

What is the land classification for Sivasubramaniyam Street?

Sivasubramaniyam Street is classified as Residential Class I Type - III, indicating its suitability for residential development.

Where can I find the registration office for Sivasubramaniyam Street?

The registration office for Sivasubramaniyam 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 Madipakkam-1?

The stamp duty for properties in Madipakkam-1 is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 27,50,000, the stamp duty would be calculated at 7% of that amount.