Guideline Value for Driver Street

Driver Street guideline value

The current guideline value of Driver Street in Egmore village, under the Periamet SRO, is Rs 7,100 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of Driver Street has changed

The guideline value for Driver Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 508 per sq.ft. This increased to Rs 560 per sq.ft in 2003, marking a 10% rise. The value then saw a significant jump to Rs 1,200 per sq.ft in 2007, which was a 114% increase. Following this, the 2012 revision set the value at Rs 6,500 per sq.ft, reflecting a substantial 442% increase from the previous figure. However, the 2017 revision saw a decrease to Rs 4,355 per sq.ft, a drop of 33%. The value rebounded in the 2023 revision to Rs 6,500 per sq.ft, and finally, the current 2024 revision has set it at Rs 7,100 per sq.ft, which is a 9% increase from the previous year.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 1,298%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Egmore

In Egmore village, there are 465 streets under the Periamet SRO, with guideline values ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median guideline value is Rs 7,100 per sq.ft, which is equal to the current value for Driver Street.

• Dr.Gurusamy Mudali Road: Rs 13,400 per sq.ft (2024)
• Dr.Muniyappa Cross Street: Rs 9,300 per sq.ft (2024)
• Dr.Muniyappa Road: Rs 13,400 per sq.ft (2024)
• Dr.NairSalai: Rs 13,400 per sq.ft (2024)
• Dr.Natesa MudaliStreet: Rs 2,800 per sq.ft (2024)
• Dr.Santhosam Nagar: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Driver Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total cost for these fees to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Driver Street?

The Sub Registrar Office that covers Driver Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Egmore. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing a property. The fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

When selling property, the guideline value helps establish a baseline for the sale price. Buyers and sellers often refer to the guideline value to negotiate terms and ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Driver Street?

The current guideline value of Driver Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Driver Street has changed several times, with the most recent increase being from Rs 6,500 per sq.ft in 2023 to Rs 7,100 per sq.ft in 2024, a 9% increase.

What is the land classification for Driver Street?

Driver Street is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where is the Sub Registrar Office for Driver Street located?

The Sub Registrar Office covering Driver Street is located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in Driver Street?

Stamp duty for properties in Driver Street 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 rate incurs a stamp duty of Rs 4,97,000.