Guideline Value for Diamond City

Diamond City guideline value

The current guideline value for Diamond City in Sholavaram village is Rs 550 per sq.ft, effective from 1 July 2024. This property falls under the Redhills SRO and is classified as Residential Class III Type - I.

How the guideline value of Diamond City has changed

The guideline value for Diamond City has undergone several revisions over the years. In 2007, the value was set at Rs 200 per sq.ft, which increased to Rs 500 per sq.ft in 2012. However, it saw a decrease to Rs 335 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 500 per sq.ft, followed by the latest increase to Rs 550 per sq.ft in 2024, marking a 10% rise from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 175%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft, with a median value of Rs 660 per sq.ft. The guideline value for Diamond City is below this median.

• Chenglamman Nagar (S.No.611/1A): Rs 1,650 per sq.ft (2024)
• Chengallamman Nagar: Rs 550 per sq.ft (2024)
• Chengalamman Nagar Extn.: Rs 550 per sq.ft (2024)
• Chengalamman Nagar Annex: Rs 770 per sq.ft (2024)
• Chengalamman Nagar: Rs 550 per sq.ft (2024)
• Chengalamman Garden: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Diamond City

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees to Rs 49,500. 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 Diamond City?

The Sub Registrar Office that covers Diamond City is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Sholavaram. It serves as a benchmark for calculating the stamp duty and registration fees that need to be paid at the time of the transaction.

When a property is sold, the buyer must ensure that the sale price is not lower than the guideline value, as the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Diamond City?

The current guideline value of Diamond City is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, marking an overall increase of 175% over the years.

What is the land classification for Diamond City?

Diamond City is classified as Residential Class III Type - I, which indicates its suitability for residential development.

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Diamond City?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 38,500.