Guideline Value for Homes Road

Homes Road guideline value

The current guideline value of Homes Road in Chitlapakkam village is Rs 4,400 per sq.ft, effective from 1 July 2024. This property falls under the Tambaram Joint 1 SRO and is classified as Residential Special Type - I.

How the guideline value of Homes Road has changed

The guideline value for Homes Road has seen several revisions over the years. In 2012, the guideline value was set at Rs 4,000 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 2,680 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 4,000 per sq.ft in 2023, followed by a further increase to Rs 4,400 per sq.ft in 2024, representing a 10% rise.

From 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%. Notably, the register has no figures for the years 2002, 2003, and 2007 for Homes Road.

Guideline values in Chitlapakkam

Chitlapakkam village has a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in the village is Rs 1,650 per sq.ft, placing Homes Road's current value above this median.

• Hirumagal Nagar 2st Street: Rs 1,650 per sq.ft (2024)
• Ibrahim Street: Rs 1,650 per sq.ft (2024)
• Ilango St: Rs 1,650 per sq.ft (2024)
• Hasimin Street: Rs 1,650 per sq.ft (2024)
• Indira Gandhi Street: Rs 1,650 per sq.ft (2024)
• Indra Nagar (Bharatha Madha St): Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Homes Road

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees to Rs 3,96,000. 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 detailed calculations.

Which Sub Registrar Office covers Homes Road?

The Sub Registrar Office that covers Homes Road is 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 online for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property.

When a property is sold, the guideline value is used to assess the applicable duties, ensuring that the transaction is recorded accurately within the legal framework. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Homes Road?

The current guideline value of Homes Road is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification of Homes Road?

Homes Road is classified as Residential Special Type - I under the Tambaram Joint 1 SRO.

What are the stamp duty and registration fees for Homes Road?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,96,000, based on the guideline value of Rs 44,00,000.

Where is the Sub Registrar Office for Homes Road located?

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