Guideline Value for East Street

East Street guideline value

The current guideline value of East Street in Kolathur village, under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of East Street has changed

The guideline value for East Street has undergone several revisions over the years. In 2002, the value was Rs 267 per sq.ft, which increased to Rs 290 per sq.ft in 2003, marking a change of +9%. The value then rose significantly to Rs 700 per sq.ft in 2007, reflecting a change of +141%. This upward trend continued, with the value remaining at Rs 700 per sq.ft until 2012, when it was revised to Rs 2,500 per sq.ft, a substantial increase of +257%.

In 2023, the guideline value was again revised to Rs 2,500 per sq.ft, showing no change from the previous figure. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, representing an increase of +8% from 2023. Notably, there is no figure available for the year 2017 in the register for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of East Street is below this median.

• East Street Lane: Rs 2,200 per sq.ft (2024)
• East Railway Gate Cross Lane: Rs 2,200 per sq.ft (2024)
• East Railway Gate: Rs 2,700 per sq.ft (2024)
• Durga Nagar: Rs 3,300 per sq.ft (2024)
• Durga Colony Extension: Rs 3,300 per sq.ft (2024)
• Durga Colony: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in East Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. 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 East Street?

The Sub Registrar Office that covers East Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transfer of property ownership.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and fairly, reflecting the official valuation set by the authorities. Buyers and sellers should be aware of the guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of East Street?

The current guideline value of East Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 267 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of +911% over the years.

What is the land classification of East Street?

East Street is classified as Residential Class II Type - I, which indicates its designated use for residential purposes.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles registrations for properties in East Street.

How is stamp duty calculated for properties in East Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 at a rate of 7%.