Guideline Value for First Cross Road

First Cross Road guideline value

The current guideline value of First Cross Road in Vengambakkam village is Rs 550 per sq.ft, effective from 1 July 2024. This property falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - II.

How the guideline value of First Cross Road has changed

Over the years, the guideline value of First Cross Road has seen several revisions. The earliest available figure is from 2012, which was Rs 500 per sq.ft. In 2017, this value decreased to Rs 335 per sq.ft, marking a reduction of 33%. The guideline value then increased to Rs 500 per sq.ft in 2023, and further increased to Rs 550 per sq.ft in the 2024 revision, reflecting a 10% rise.

Between 2017 and 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street in the register.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 5,000 per sq.ft, with a median value of Rs 770 per sq.ft. The guideline value of First Cross Road is below this median.

• First Cross Street: Rs 550 per sq.ft (2024)
• Easwaran Koil Street: Rs 550 per sq.ft (2024)
• Dr.Ambedkar Street: Rs 440 per sq.ft (2024)
• Dollars Colony Phase - I: Rs 2,200 per sq.ft (2024)
• Green Square City: Rs 2,970 per sq.ft (2024)
• Church Street: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in First Cross Road

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 to Rs 49,500. It is important to note that the 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 more details.

Which Sub Registrar Office covers First Cross Road?

The First Cross Road is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for additional information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vengambakkam. It is the benchmark used to determine the stamp duty and registration fees payable at the time of registration.

When a property is sold, the guideline value is assessed, and the buyer must pay the applicable stamp duty and registration fees based on this value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of First Cross Road?

The current guideline value of First Cross Road 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 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What are the other streets in Vengambakkam with similar guideline values?

Other streets in Vengambakkam include First Cross Street and Easwaran Koil Street, both at Rs 550 per sq.ft, and Dr. Ambedkar Street at Rs 440 per sq.ft.

What is the registration fee for a property in First Cross Road?

The registration fee for a property in First Cross Road is calculated based on the guideline value. For example, for a property valued at Rs 5,50,000, the registration fee would be Rs 11,000 at a rate of 2%.

Where is the Sub Registrar Office for First Cross Road located?

The Sub Registrar Office for First Cross Road is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.