Guideline Value for Guruswamy Street (George Colony )

Guruswamy Street (George Colony ) guideline value

The current guideline value of Guruswamy Street (George Colony) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Guruswamy Street (George Colony ) has changed

The guideline value for Guruswamy Street has undergone several revisions since 2002. In 2002, the value was Rs 410 per sq.ft, which increased to Rs 447 per sq.ft in 2003. Following this, the value saw significant changes, reaching Rs 800 per sq.ft in 2007, then rising dramatically to Rs 2,500 per sq.ft in 2012. However, it dropped to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023 and is now Rs 2,700 per sq.ft as of 2024.

Between the revisions, the changes were as follows: from 2002 to 2003, there was an increase of 9%; from 2003 to 2007, the value rose by 79%; from 2007 to 2012, it increased by 213%; however, from 2012 to 2017, it saw a decline of 33%. The value then increased by 49% from 2017 to 2023, and the latest revision from 2023 to 2024 shows an increase of 8%. Overall, from 2002 to 2024, the guideline value has increased by 559%.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft, with a median value of Rs 3,301 per sq.ft. Guruswamy Street's 2024 figure is below this median.

• Haridoss 1st Street: Rs 2,700 per sq.ft (2024)
• Haridoss 2nd Street: Rs 2,700 per sq.ft (2024)
• Hightension Line Road: Rs 3,301 per sq.ft (2024)
• Govindasamy Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Gopalapuram Bajanai Koil 3rd Street: Rs 3,301 per sq.ft (2024)
• Gopalapuram Bajanai Koil 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Guruswamy Street (George Colony )

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 amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Guruswamy Street (George Colony )?

The Sub Registrar Office that covers Guruswamy Street (George Colony) 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 Peravallur

The guideline value is an essential factor when registering property transactions in Peravallur. It serves as a benchmark for determining the stamp duty and registration fees payable during the sale or purchase of property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Guruswamy Street (George Colony)?

The current guideline value of Guruswamy Street (George Colony) 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 significantly over the years, starting from Rs 410 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Guruswamy Street (George Colony)?

The land classification for Guruswamy Street (George Colony) is Residential Class I Type - I.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Guruswamy Street (George Colony)?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,89,000.