Guideline Value for Putherikarai Street

Putherikarai Street guideline value

The current guideline value of Putherikarai Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Putherikarai Street has changed

Over the years, the guideline value of Putherikarai Street has seen several revisions. The earliest available figure is from 2012, where the guideline value was Rs 3,500 per sq.ft. This figure remained unchanged until the next revision in 2017, which saw a decrease to Rs 2,345 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 3,500 per sq.ft. The most recent revision in 2024 has raised the guideline value to Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Putherikarai Street. The changes in guideline value from 2012 to 2024 show an overall increase of 10%, with notable jumps of 49% from 2017 to 2023 and a decrease of 33% from 2012 to 2017.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, indicating that Putherikarai Street's 2024 figure of Rs 3,850 per sq.ft is below this median.

• Putherikarai Lane: Rs 3,850 per sq.ft (2024)
• Putheri Colony: Rs 3,850 per sq.ft (2024)
• Race Cource Road: Rs 3,850 per sq.ft (2024)
• Raceveiw colony 1st Street: Rs 3,850 per sq.ft (2024)
• Raceveiw colony 2nd Street: Rs 3,850 per sq.ft (2024)
• Raceveiw colony 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Putherikarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the stamp duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Putherikarai Street?

The Sub Registrar Office that covers Putherikarai Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a critical factor when buying or selling property in Velachery. It serves as a reference point for calculating the stamp duty and registration fees that must be paid during the transaction. The guideline value ensures that the property is registered at a value that reflects the local market conditions.

When a property is sold, the guideline value helps in determining the minimum value on which the stamp duty is calculated. This means that buyers and sellers must be aware of the current guideline value to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of Putherikarai Street?

The current guideline value of Putherikarai Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has fluctuated, starting from Rs 3,500 per sq.ft in 2012, decreasing to Rs 2,345 per sq.ft in 2017, and then rising to Rs 3,500 per sq.ft in 2023. The latest revision in 2024 has increased it to Rs 3,850 per sq.ft.

What is the land classification for Putherikarai Street?

The land classification for Putherikarai Street is Residential Class II Type - III, which indicates the type of residential use permitted in the area.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 3,46,500.

Which office handles the registration for Putherikarai Street?

The Velacheri Sub Registrar Office handles the registration for Putherikarai Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.