Guideline Value for Sridharan Street

Sridharan Street guideline value

The current guideline value of Sridharan Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri Sub Registrar Office (SRO). The land classification for this area is Residential Class I Type - III.

How the guideline value of Sridharan Street has changed

The guideline value of Sridharan Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft. This figure increased significantly to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw the value increase further to Rs 2,750 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the revisions in the years 2002, 2003, 2007, and 2012. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, which is the same as the current value for Sridharan Street.

• Sri Iswariya Nagar: Rs 2,200 per sq.ft (2024)
• Sri Balaji Nagar/Kubera Nagar Extension 10th Street: Rs 3,850 per sq.ft (2024)
• Sri Balaji Nagar/Kubera Nagar 10th Street: Rs 3,850 per sq.ft (2024)
• Sri Krishna Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sri Krishna Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Sri Krishna Nagar 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sridharan 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, bringing the total fees to 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.

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

Which Sub Registrar Office covers Sridharan Street?

The Sub Registrar Office that covers Sridharan Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that are applicable when buying or selling property in the area.

When a property is sold, 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 from property transactions.

Frequently asked questions

What is the current guideline value of Sridharan Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,675 per sq.ft in 2017 to Rs 2,500 per sq.ft in 2023, and then to Rs 2,750 per sq.ft in 2024. This represents a 64% increase overall from 2017 to 2024.

What are the stamp duty and registration fees for property in Sridharan Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500. These fees are calculated based on the higher of the guideline value or the sale price.

Which Sub Registrar Office is responsible for Sridharan Street?

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

What is the land classification for Sridharan Street?

The land classification for Sridharan Street is Residential Class I Type - III, which indicates its designation for residential purposes.