Guideline Value for First street

First street guideline value

The current guideline value of First street in Thandarai village is Rs 101 per sq.ft, effective from 1 July 2024. This street falls under the Salavakkam SRO and is classified as Residential Class II Type - I.

How the guideline value of First street has changed

The guideline value for First street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 55 per sq.ft, which increased to Rs 37 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value saw a significant increase of 170%, reaching Rs 100 per sq.ft. The most recent revision in 2024 has increased this figure by 1% to Rs 101 per sq.ft.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for First street. Overall, from 2012 to 2024, the guideline value has increased by 84%.

Guideline values in Thandarai

In Thandarai, five streets under the Salavakkam SRO have a 2024 guideline value ranging from Rs 100 to Rs 102 per sq.ft, with First street's value of Rs 101 per sq.ft being equal to the median of these streets.

• Ambedkar street: Rs 102 per sq.ft (2024)
• Pillaiyarkovil street: Rs 100 per sq.ft (2024)
• Second street: Rs 101 per sq.ft (2024)
• Turgai amman street: Rs 102 per sq.ft (2024)

Stamp duty and registration fee for property in First street

For a 1,000 sq.ft plot at the current rate of Rs 101 per sq.ft, the guideline value would be Rs 1,01,000. The stamp duty at 7% would be Rs 7,070, and the registration fee at 2% would be Rs 2,020, totaling Rs 9,090. 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 more details.

Which Sub Registrar Office covers First street?

The Sub Registrar Office that covers First street is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Thandarai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

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

Frequently asked questions

What is the current guideline value of First street?

The current guideline value of First street in Thandarai village is Rs 101 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 55 per sq.ft in 2012 to Rs 101 per sq.ft in 2024, showing an overall increase of 84% during this period.

What are the other streets in Thandarai with guideline values?

Other streets in Thandarai under the Salavakkam SRO include Ambedkar street, Pillaiyarkovil street, Second street, and Turgai amman street, with values ranging from Rs 100 to Rs 102 per sq.ft in 2024.

What fees are associated with buying property in First street?

When buying property in First street, the stamp duty is charged at 7% of the guideline value, and the registration fee is charged at 2%, based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for First street?

The Sub Registrar Office for First street is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.