Guideline Value for Queen Elizabeth Street

Queen Elizabeth Street guideline value

The current guideline value of Queen Elizabeth Street in Chitlapakkam village is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class II Type - II.

How the guideline value of Queen Elizabeth Street has changed

The guideline value for Queen Elizabeth Street has undergone several revisions over the years. In 2012, the guideline value was Rs 1,000 per sq.ft, which then decreased to Rs 670 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,000 per sq.ft, marking a rise of 49%. The most recent revision in 2024 saw the guideline value increase to Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for Queen Elizabeth Street in the revisions from 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, with rates ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, making Queen Elizabeth Street's 2024 figure below that median.

• Radha Avenue: Rs 1,100 per sq.ft (2024)
• Radhakrishna St: Rs 1,650 per sq.ft (2024)
• Puthther street: Rs 1,100 per sq.ft (2024)
• Purushothama Street: Rs 1,650 per sq.ft (2024)
• Purushothama Ist Street: Rs 1,650 per sq.ft (2024)
• Purushothama 2nd Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Queen Elizabeth Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, while the registration fee at 2% would be Rs 22,000, bringing the total cost to Rs 99,000. 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 precise calculations based on your property details.

Which Sub Registrar Office covers Queen Elizabeth Street?

The Sub Registrar Office covering Queen Elizabeth Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Chitlapakkam, as it determines the minimum value at which a property can be registered. When a buyer and seller agree on a sale price, the higher of the sale price or the guideline value is used to calculate the stamp duty and registration fees.

This system ensures that all property transactions are recorded at a fair value, which helps in maintaining transparency in real estate dealings. Buyers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Queen Elizabeth Street?

The current guideline value of Queen Elizabeth Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification of Queen Elizabeth Street?

Queen Elizabeth Street is classified as Residential Class II Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which office handles property registrations for Queen Elizabeth Street?

The Tambaram Joint 1 Sub Registrar Office handles property registrations for Queen Elizabeth Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.