Guideline Value for Model School Road

Model School Road guideline value

The current guideline value for Model School Road is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO, classified as Commercial Special Type - V.

How the guideline value of Model School Road has changed

The guideline value for Model School Road has seen significant changes over the years. In 2007, the value was Rs 3,500 per sq.ft, which increased to Rs 10,500 per sq.ft in 2012, marking a 200% rise. However, from 2012 to 2017, the value decreased to Rs 7,035 per sq.ft, a decline of 33%. The value then rose sharply to Rs 10,500 per sq.ft in 2023, representing a 49% increase. The most recent revision in 2024 has set the value at Rs 11,500 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 229%.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, positioning Model School Road's 2024 figure above this median.

• Mohan Kumaramangalam Road: Rs 12,600 per sq.ft (2024)
• Moores Lane (Slum): Rs 5,500 per sq.ft (2024)
• Moores Road: Rs 9,900 per sq.ft (2024)
• Mosque Street: Rs 7,100 per sq.ft (2024)
• Murali Street: Rs 7,700 per sq.ft (2024)
• Melpady Muthunaicken Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Model School Road

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value amounts to Rs 1,15,00,000. The stamp duty at 7% would be Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, bringing the total fees together to Rs 10,35,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Model School Road?

The Sub Registrar Office that covers Model School Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Nungambakkam. It serves as the baseline for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales. Buyers and sellers must consider this value when negotiating sale prices, as it directly impacts the financial aspects of the transaction.

When registering a property, the guideline value must be declared, and the applicable duties are calculated based on this value or the sale price, whichever is higher. This process helps maintain transparency and accountability in real estate transactions within the region.

Frequently asked questions

What is the current guideline value of Model School Road?

The current guideline value of Model School Road is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 3,500 per sq.ft in 2007 to Rs 11,500 per sq.ft in 2024, marking an overall increase of 229% over the years.

What is the land classification of Model School Road?

Model School Road is classified as Commercial Special Type - V under the Chennai Central Joint II SRO.

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

For a property valued at Rs 1,15,00,000, the stamp duty would be Rs 8,05,000 and the registration fee would be Rs 2,30,000, totaling Rs 10,35,000.

Which office handles registrations for Model School Road?

The Chennai Central Joint II Sub Registrar Office handles registrations for Model School Road, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018.