Guideline Value for Boopathi Street

Boopathi Street guideline value

The current guideline value of Boopathi Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Boopathi Street has changed

The guideline value for Boopathi Street has seen several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 258 per sq.ft. This increased to Rs 286 per sq.ft in 2003, marking an 11% rise. The value continued to rise significantly, reaching Rs 500 per sq.ft in 2007, which was a 75% increase from the previous year. In 2012, the value remained at Rs 4,000 per sq.ft, but then dropped to Rs 2,680 per sq.ft in 2017, reflecting a decrease of 33%.

From 2017 to 2023, the value surged by 49% to Rs 4,000 per sq.ft. The most recent revision in 2024 brought the guideline value to Rs 4,400 per sq.ft, a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1,605%.

Guideline values in Virugambakkam

In Virugambakkam village, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the current value of Boopathi Street.

• Bhattachariar Street Kaliamman Koil Street: Rs 5,500 per sq.ft (2024)
• BHASKAR COLONY - Bharathidasan Street: Rs 5,500 per sq.ft (2024)
• BHASKAR COLONY 3rd Street: Rs 5,500 per sq.ft (2024)
• BHASKAR COLONY 2nd Street: Rs 5,500 per sq.ft (2024)
• BHASKAR COLONY 1st Street: Rs 5,500 per sq.ft (2024)
• Bharathi Street (Venkatesa Nagar): Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Boopathi Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Boopathi Street?

Boopathi Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Virugambakkam

The guideline value plays a crucial role in the registration process of property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Boopathi Street?

The current guideline value of Boopathi Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Boopathi Street has increased significantly from Rs 258 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1,605%.

What is the land classification for Boopathi Street?

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

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Boopathi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty at 7% would be Rs 3,08,000.