Guideline Value for Hemavathi Street

Hemavathi Street guideline value

The current guideline value of Hemavathi Street is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village, under the Sembiam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Hemavathi Street has changed

The guideline value for Hemavathi Street has undergone several revisions over the years. In 2007, the guideline value was Rs 700 per sq.ft. This increased to Rs 1,800 per sq.ft in 2012, marking a significant rise of 157%. However, from 2012 to 2017, the value decreased to Rs 1,206 per sq.ft, reflecting a decline of 33%. The value then saw a substantial increase to Rs 1,800 per sq.ft in 2023, which was a 49% rise from the previous revision. As of 2024, the guideline value stands at Rs 1,900 per sq.ft, representing a 6% increase from 2023.

It is important to note that the register has no figures for Hemavathi Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 171%.

Guideline values in Sembiam

In Sembiam village, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median guideline value in this area is Rs 2,700 per sq.ft, which means Hemavathi Street's 2024 figure is below that median.

• Gurusamy Gramani Street: Rs 1,700 per sq.ft (2024)
• Gurumoorthy Nagar: Rs 1,900 per sq.ft (2024)
• Gowthamar Street: Rs 1,900 per sq.ft (2024)
• Gopal Reddiar Colony East Main Road: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 6th Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 6th Cross Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Hemavathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, making the total cost Rs 1,71,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Hemavathi Street?

The Sub Registrar Office that covers Hemavathi Street 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 Sembiam

When buying or selling property in Sembiam, the guideline value is a crucial factor used during the registration process. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

The guideline value ensures that the property is registered at a fair price, reflecting the current market conditions. This helps in maintaining transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Hemavathi Street?

The current guideline value of Hemavathi Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 700 per sq.ft in 2007 to Rs 1,900 per sq.ft in 2024. The most significant increase occurred from 2012 to 2017, followed by a notable rise from 2023 to 2024.

What is the registration office for Hemavathi Street?

The registration office for Hemavathi Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Hemavathi Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 19,00,000 would incur a stamp duty of Rs 1,33,000 at a rate of 7%.

What is the land classification for Hemavathi Street?

Hemavathi Street is classified as Residential Class II Type - I, which is relevant for determining the guideline value and related regulations.