Guideline Value for Hospital Road

Hospital Road guideline value

The current guideline value of Hospital Road in Valasaravakkam village, under the Virugambakkam SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Hospital Road has changed

The guideline value for Hospital Road has undergone several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which was then reduced to Rs 2,680 per sq.ft in the 2017 revision. Following this, the 2023 revision increased it to Rs 4,000 per sq.ft, and the most recent 2024 revision raised it further to Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. Overall, from the 2012 to 2024 revisions, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 concerning this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, indicating that Hospital Road's 2024 figure of Rs 4,400 per sq.ft is above this median.

• Indhira 1st Street: Rs 3,850 per sq.ft (2024)
• Indhira 2nd Street: Rs 3,850 per sq.ft (2024)
• Indhira Gandhi Salai: Rs 3,850 per sq.ft (2024)
• Indhira Street: Rs 3,850 per sq.ft (2024)
• Indian Bank Colony Kasthuribai Main Road: Rs 4,400 per sq.ft (2024)
• Indira Nagar (1st Main Road) - Annai Kasthuribai Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Hospital Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total 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 to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Hospital Road?

The Sub Registrar Office that covers Hospital Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is assessed to ensure that the appropriate fees are collected based on the current rates. This helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Hospital Road?

The current guideline value of Hospital 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 back 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 for Hospital Road?

Hospital Road is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties on Hospital Road?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Hospital Road located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.