Guideline Value for First street

First street guideline value

The current guideline value of First street in Thandarai-1 village, under the Salavakkam SRO, is Rs 101 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of First street has changed

The guideline value for First street has undergone significant changes over the years. The 2017 revision set the value at Rs 37 per sq.ft, which then increased to Rs 100 per sq.ft in the 2023 revision. The latest revision in 2024 saw a further increase to Rs 101 per sq.ft, marking a 1% rise from the previous year. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Overall, the guideline value has increased by 173% from the 2017 revision to the 2024 revision. The jump from Rs 37 to Rs 100 between 2017 and 2023 represents a substantial increase of 170%. These changes reflect the adjustments made in the guideline values over the years.

Guideline values in Thandarai-1

In Thandarai-1, there are five streets under the Salavakkam SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 102 per sq.ft. The median value for these streets is Rs 101 per sq.ft, which is equal to the guideline value of First street.

• 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 guideline value of Rs 101 per sq.ft, the total guideline value would be Rs 1,01,000. The stamp duty at 7% would amount to Rs 7,070, while the registration fee at 2% would be Rs 2,020, bringing the total to Rs 9,090. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

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-1

The guideline value is a critical factor in property transactions in Thandarai-1. It serves as the basis for calculating the stamp duty and registration fees during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with the legal requirements during property transactions.

When a property is bought or sold, the guideline value helps determine the official value of the property for taxation purposes. It is essential for both parties to understand that the guideline value may differ from the actual sale price, and the higher amount will be used for calculating the applicable duties and fees.

Frequently asked questions

What is the current guideline value of First street?

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

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 37 per sq.ft in 2017 to Rs 101 per sq.ft in 2024, marking an overall increase of 173%.

What are the other streets in Thandarai-1?

Other streets in Thandarai-1 include Ambedkar street, Pillaiyarkovil street, Second street, and Turgai amman street, with guideline values ranging from Rs 100 to Rs 102 per sq.ft in 2024.

How is stamp duty calculated for property in First street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 7,070.

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

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