Guideline Value for Old Street

Old Street guideline value

The current guideline value of Old Street in Menambedu village under the Ambattur SRO is Rs 1,001 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class IV Type - I land classification.

How the guideline value of Old Street has changed

In the 2012 revision, the guideline value was set at Rs 800 per sq.ft. This increased to Rs 536 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2023, the value rose significantly to Rs 1,000 per sq.ft, an increase of 87%. The current value for 2024 is Rs 1,001 per sq.ft, showing no change from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for Old Street. Overall, from 2012 to 2024, the guideline value has increased by 25%.

Guideline values in Menambedu

In Menambedu, there are 171 streets under the Ambattur SRO that have a 2024 guideline value ranging from Rs 1,000 to Rs 6,680 per sq.ft. The median guideline value for these streets is Rs 1,003 per sq.ft, placing Old Street's 2024 figure below this median.

• Old Mariyamman Koil Street: Rs 1,001 per sq.ft (2024)
• Nirmal Nagar: Rs 1,002 per sq.ft (2024)
• Pallavan Street: Rs 1,000 per sq.ft (2024)
• Palli Street: Rs 1,001 per sq.ft (2024)
• Pallvan Nagar: Rs 1,002 per sq.ft (2024)
• New Building Colony: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Old Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,001 per sq.ft, the total guideline value amounts to Rs 10,01,000. The stamp duty at 7% would be Rs 70,070, and the registration fee at 2% would be Rs 20,020, bringing the total to Rs 90,090. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Old Street?

The Sub Registrar Office that covers Old Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration of property transactions in Menambedu. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for completing the transaction. This ensures that both the buyer and seller are aware of the financial obligations involved in the process.

Frequently asked questions

What is the current guideline value of Old Street?

The current guideline value of Old Street is Rs 1,001 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions: Rs 800 in 2012, Rs 536 in 2017, Rs 1,000 in 2023, and Rs 1,001 in 2024. Notably, there are no figures for the years 2002, 2003, and 2007 for this street.

What is the land classification of Old Street?

Old Street is classified as Residential Class IV Type - I, which indicates its designation for residential purposes.

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

The Ambattur Sub Registrar Office covers Old Street, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for properties in Old Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 10,01,000 would incur a stamp duty of Rs 70,070 at 7% and a registration fee of Rs 20,020 at 2%.