Guideline Value for Srinivasan Street

Srinivasan Street guideline value

The current guideline value of Srinivasan Street in Madipakkam-1 village is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class I Type - I.

How the guideline value of Srinivasan Street has changed

The guideline value for Srinivasan Street has seen a revision from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking an increase of 10%. Prior to the 2023 revision, the register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017.

The only available figures for this street are from the 2023 and 2024 revisions, with no historical data available for the earlier years. The 2024 figure of Rs 3,850 per sq.ft is the most current and reflects the latest valuation for this location.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 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, placing Srinivasan Street's 2024 figure above this median.

• Srinivasan Nagar/Bharath Street: Rs 3,850 per sq.ft (2024)
• Srinivasan Street,Ram Nagar: Rs 3,850 per sq.ft (2024)
• Srinivasan Cross Street: Rs 3,850 per sq.ft (2024)
• Srinivasa Nagar Thirupugazh Street: Rs 3,850 per sq.ft (2024)
• Srinivasa Nagar Thirupavai Street: Rs 3,850 per sq.ft (2024)
• Srinivasa Nagar Thirunanasambandar Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total cost for these charges would be Rs 3,46,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Srinivasan Street?

The Sub Registrar Office that covers Srinivasan 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 critical factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the prevailing market conditions. This value is used by the authorities to calculate the necessary fees, which are essential for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Srinivasan Street?

The current guideline value of Srinivasan Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, which is an increase of 10%.

What is the land classification for Srinivasan Street?

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

Where can I find the registration office for Srinivasan Street?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000, leading to specific fees based on that value.