Guideline Value for Sri Vidhya Nagar

Sri Vidhya Nagar guideline value

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

How the guideline value of Sri Vidhya Nagar has changed

The guideline value for Sri Vidhya Nagar 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 from Rs 2,500 per sq.ft in 2023, reflecting a change of +10%. Prior to that, in 2017, the value was Rs 1,675 per sq.ft, marking a significant increase of +49% to 2023. The overall change 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 1,823 streets under the Velacheri SRO that carry 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, which is equal to the current guideline value for Sri Vidhya Nagar.

• SRVS Colony: Rs 2,200 per sq.ft (2024)
• SRVS Colony Ext: Rs 2,200 per sq.ft (2024)
• SRVS Colony/Pari Colony: Rs 2,200 per sq.ft (2024)
• SRVS Ganga Kaveri Street: Rs 2,750 per sq.ft (2024)
• Sri Sankara Nagar: Rs 1,650 per sq.ft (2024)
• Sri Ramulu Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vidhya Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the 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 duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Sri Vidhya Nagar?

The Sub Registrar Office that covers Sri Vidhya 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the established guideline value or the sale price, whichever is higher.

When registering a property, it is essential to be aware of the guideline value as it impacts the overall cost of the transaction. Buyers and sellers must consider this value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Sri Vidhya Nagar?

The current guideline value of Sri Vidhya Nagar 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, reflecting an overall change of +64%.

What is the stamp duty for property in Sri Vidhya Nagar?

The stamp duty for property in Sri Vidhya Nagar is 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500.

Which office handles property registrations for Sri Vidhya Nagar?

The Velacheri Sub Registrar Office handles property registrations for Sri Vidhya Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined for other streets in Madipakkam-1?

The guideline value for other streets in Madipakkam-1 is determined based on various factors and is set by the Registration Department. In 2024, these values range from Rs 1,650 to Rs 5,500 per sq.ft.