Guideline Value for Market Area

Market Area guideline value

The current guideline value for Market Area in Tambaram village is Rs 6,600 per sq.ft, effective from 1 July 2024. This area falls under the Tambaram Joint 1 SRO and is classified as Commercial Class I Type - II.

How the guideline value of Market Area has changed

Over the years, the guideline value for Market Area has seen several revisions. The 2012 revision set the value at Rs 6,000 per sq.ft, which decreased to Rs 4,020 per sq.ft in the 2017 revision. However, the value saw a significant increase in the following years, rising to Rs 6,000 per sq.ft in 2023 and then to Rs 6,600 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. The register has no figures for this street in the years 2002, 2003, and 2007.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO carrying a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Market Area is above this median.

• Market area Shanmugam Street: Rs 6,600 per sq.ft (2024)
• Market Road: Rs 6,600 per sq.ft (2024)
• Market Road Balance: Rs 6,600 per sq.ft (2024)
• Mariammankoil Street: Rs 2,200 per sq.ft (2024)
• Manthoppu Street (Brindavan Avenue): Rs 4,400 per sq.ft (2024)
• Mathava Reddy Street(Ramakrishnan Street): Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Market Area

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, leading to a total of Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Market Area?

The Sub Registrar Office that covers Market Area 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 for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Tambaram. It is used to determine the stamp duty and registration fees that are payable during the transaction.

When a property is registered, the higher value between the guideline value and the sale price is considered for calculating the applicable duties and fees. This ensures that all transactions are recorded accurately and transparently.

Frequently asked questions

What is the current guideline value for Market Area?

The current guideline value for Market Area is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 6,000 per sq.ft in 2023 to Rs 6,600 per sq.ft in 2024, a 10% increase. It also rose significantly from Rs 4,020 per sq.ft in 2017 to Rs 6,000 per sq.ft in 2023.

What is the land classification for Market Area?

Market Area is classified as Commercial Class I Type - II, which indicates its suitability for commercial activities.

Where can I find the Sub Registrar Office for Market Area?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059. This office handles registrations for properties in Market Area.

How is stamp duty calculated in Tambaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 66,00,000 would incur a stamp duty of Rs 4,62,000 at a rate of 7%.