Guideline Value for Market Street

Market Street guideline value

The current guideline value of Market Street in Siruvallur village, under the Sembiam SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Class I Type - II.

How the guideline value of Market Street has changed

The guideline value of Market Street has seen significant changes over the years. In 2002, the value was Rs 420 per sq.ft, which increased to Rs 462 per sq.ft in 2003, marking a 10% rise. The value then rose to Rs 1,100 per sq.ft in 2007, reflecting a substantial increase of 138%. Following that, the value jumped to Rs 3,600 per sq.ft in 2012, an increase of 227%. However, between 2012 and 2017, the value decreased by 33% to Rs 2,412 per sq.ft. The next revision in 2023 saw the value rise to Rs 3,600 per sq.ft, and finally, the current value is Rs 3,900 per sq.ft as of 2024, which is an 8% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 829%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Siruvallur

In Siruvallur, there are 86 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 6,600 per sq.ft, with a median value of Rs 1,900 per sq.ft. Market Street's 2024 guideline value is above this median.

• Market Lane: Rs 1,900 per sq.ft (2024)
• Masilamani Lane: Rs 1,600 per sq.ft (2024)
• Manicka Vinayagar Koil Street: Rs 2,200 per sq.ft (2024)
• Madhavaram High Road: Rs 5,500 per sq.ft (2024)
• Munusamy Achari Street: Rs 1,900 per sq.ft (2024)
• Murugesa Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Market Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total fees together to Rs 3,51,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Market Street?

The Sub Registrar Office that covers Market Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Siruvallur. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the government collects appropriate taxes based on the value of the property being transferred.

It is important for buyers and sellers to be aware of the guideline value as it affects the overall cost of the transaction. The higher the guideline value, the more significant the fees will be, impacting the total expenditure during the buying or selling process.

Frequently asked questions

What is the current guideline value of Market Street?

The current guideline value of Market Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 420 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, marking an overall increase of 829% over the years.

What is the land classification of Market Street?

Market Street is classified as Commercial Class I Type - II under the current guidelines.

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

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

How is stamp duty calculated for properties in Market Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,51,000.