Guideline Value for Sooda Mani Nagar

Sooda Mani Nagar guideline value

The current guideline value of Sooda Mani Nagar, located in Madipakkam-1 village, under the Velacheri SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Sooda Mani Nagar has changed

In the 2017 revision, the guideline value was Rs 1,005 per sq.ft. This increased to Rs 1,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 has set the value at Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. The register does not have 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, placing Sooda Mani Nagar's 2024 figure below this median.

• Sooda Main Nagar (Kubera Nagar Extn): Rs 2,200 per sq.ft (2024)
• Sivasubramaniyam Street: Rs 2,750 per sq.ft (2024)
• 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)
• SPR Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sooda Mani Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Sooda Mani Nagar?

The Sub Registrar Office that covers Sooda Mani Nagar 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 Madipakkam-1

The guideline value is a crucial factor when buying or selling property in Madipakkam-1. It is used to determine the stamp duty and registration fees applicable during the transaction.

When registering a property, 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 registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value of Sooda Mani Nagar?

The current guideline value of Sooda Mani Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,005 per sq.ft in 2017 to Rs 1,500 per sq.ft in 2023, and then to Rs 1,650 per sq.ft in 2024. This represents a total increase of 64% from 2017 to 2024.

What are the other streets in Madipakkam-1?

Other streets in Madipakkam-1 include Sooda Main Nagar (Kubera Nagar Extn) at Rs 2,200 per sq.ft, Sivasubramaniyam Street at Rs 2,750 per sq.ft, and several others, with values ranging from Rs 1,650 to Rs 5,500 per sq.ft.

How is stamp duty calculated in Sooda Mani Nagar?

Stamp duty in Sooda Mani Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.

Where can I find the Sub Registrar Office for Sooda Mani Nagar?

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