Guideline Value for Market faram 2nd street

Market faram 2nd street guideline value

The current guideline value of Market faram 2nd street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village and falls under the Royapuram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Market faram 2nd street has changed

The guideline value for Market faram 2nd street has undergone several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 600 per sq.ft. This increased to Rs 1,200 per sq.ft in 2012, representing a 100% rise. However, it then decreased to Rs 804 per sq.ft in 2017, marking a 33% decline. The value saw significant growth from 2017 to 2023, increasing by 49% to reach Rs 1,200 per sq.ft, and further rose to Rs 1,300 per sq.ft in the 2024 revision, an 8% increase.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 117%.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO, with guideline values ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, indicating that the 2024 figure for Market faram 2nd street is below this median.

• Market faram 3rd street: Rs 1,300 per sq.ft (2024)
• Market faram 5th street: Rs 1,300 per sq.ft (2024)
• Market faram 6th street: Rs 1,300 per sq.ft (2024)
• Market faram 7th street: Rs 1,300 per sq.ft (2024)
• Market faram 8th street: Rs 1,300 per sq.ft (2024)
• Market faram Ist street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Market faram 2nd street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. 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 Market faram 2nd street?

The Sub Registrar Office that covers Market faram 2nd street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in property transactions in Tondaiarpet. It is used as a benchmark for calculating stamp duty and registration fees during the sale of property. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during registration.

When you register a property, the guideline value is considered to determine the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Market faram 2nd street?

The current guideline value of Market faram 2nd street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, showing an overall increase of 117% over the years.

What is the land classification for Market faram 2nd street?

The land classification for Market faram 2nd street is Residential Class II Type - I.

Where can I find the Sub Registrar Office for Market faram 2nd street?

The Sub Registrar Office for Market faram 2nd street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How is the stamp duty calculated for properties in Tondaiarpet?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 13,00,000 would incur a stamp duty of Rs 91,000 at 7%.