Guideline Value for Bus Stand 2nd Street

Bus Stand 2nd Street guideline value

The current guideline value of Bus Stand 2nd Street in Thiruneermalai village, under the Pammal SRO, is Rs 1,980 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Bus Stand 2nd Street has changed

The guideline value for Bus Stand 2nd Street has seen significant changes over the years. In 2003, the value was Rs 62 per sq.ft, which increased to Rs 130 per sq.ft in 2007, marking a change of +110%. The value then surged to Rs 1,206 per sq.ft in 2017, reflecting a substantial increase of +828%. Following this, the 2023 revision set the value at Rs 1,800 per sq.ft, which was a +49% increase from the previous revision. The most recent revision in 2024 raised the guideline value to Rs 1,980 per sq.ft, a change of +10% from 2023.

It is important to note that there are no figures available for the revisions in 2002 and 2012 for this street. Overall, from 2003 to 2024, the guideline value has increased by an impressive +3094%.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 6,240 per sq.ft. The median value for these streets is Rs 2,420 per sq.ft, placing Bus Stand 2nd Street's 2024 figure below that median.

• Bus Stand 2nd Extn.: Rs 1,980 per sq.ft (2024)
• Bus Stand 1st Street: Rs 1,980 per sq.ft (2024)
• Chandran Nagar: Rs 2,860 per sq.ft (2024)
• Chandran Nagar 1st Cross Street: Rs 2,860 per sq.ft (2024)
• Chandran Nagar 2nd Cross Street: Rs 2,860 per sq.ft (2024)
• Chandran Nagar 3rd Cross Street: Rs 2,860 per sq.ft (2024)

Stamp duty and registration fee for property in Bus Stand 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total fees together to Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bus Stand 2nd Street?

The Sub Registrar Office that covers Bus Stand 2nd Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, within the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thiruneermalai. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When you register a property, the guideline value is compared with 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 in the area.

Frequently asked questions

What is the current guideline value of Bus Stand 2nd Street?

The current guideline value of Bus Stand 2nd Street is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 62 per sq.ft in 2003 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of +3094% over the years.

What is the land classification for Bus Stand 2nd Street?

Bus Stand 2nd Street is classified as Residential Class II Type - I, indicating its designation for residential development.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Bus Stand 2nd Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075. You can find more details online.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 1,78,200.