Guideline Value for Fernando Street

Fernando Street guideline value

The current guideline value of Fernando Street in Zaminpallavaram village, under the Pallavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - II land classification.

How the guideline value of Fernando Street has changed

The guideline value for Fernando Street has seen significant changes over the years. In 2003, the value was Rs 554 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking a substantial rise of 81%. The value then jumped dramatically to Rs 3,000 per sq.ft in 2012, reflecting a 200% increase. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, indicating a decline of 33%. By 2023, the value had risen again to Rs 3,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 3,300 per sq.ft, a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 496%. It is important to note that the register has no figure for Fernando Street for the year 2002.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is equal to the current value of Fernando Street.

• Evr Periyar Street: Rs 3,300 per sq.ft (2024)
• Ganapathi Nagar: Rs 3,850 per sq.ft (2024)
• Ethiraj Street: Rs 2,750 per sq.ft (2024)
• Ethiraj Colony: Rs 3,300 per sq.ft (2024)
• Ganapathipuram Main Road: Rs 3,850 per sq.ft (2024)
• E.S.I Colony: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Fernando Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Fernando Street?

The Sub Registrar Office that covers Fernando Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers should be aware that the guideline value is used to calculate these fees, ensuring compliance with local regulations.

When a property is registered, the guideline value is compared with the sale price. The higher of the two values is used to determine the applicable stamp duty and registration fees. This process ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Fernando Street?

The current guideline value of Fernando Street is Rs 3,300 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 554 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 496% over the years.

What is the land classification of Fernando Street?

Fernando Street is classified as Residential Class I Type - II under the local land classification system.

Where can I find the Sub Registrar Office for Fernando Street?

The Sub Registrar Office for Fernando Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in Fernando Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.