Guideline Value for Road Street

Road Street guideline value

The current guideline value of Road Street in Mepur village, under the Kunrathur SRO, is Rs 770 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Road Street has changed

The guideline value for Road Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 700 per sq.ft. This figure decreased to Rs 469 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value saw a significant increase in the following revisions, rising to Rs 700 per sq.ft in 2023, and then to Rs 770 per sq.ft in 2024, which represents a 10% increase from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that there are no figures available for Road Street in the revisions from the years 2002, 2003, and 2007. The available revisions show a clear trend of fluctuations in the guideline value over the years.

Guideline values in Mepur

In Mepur village, there are 22 streets under the Kunrathur SRO that have a 2024 guideline value, ranging from Rs 550 to Rs 2,955 per sq.ft. The median value for these streets is Rs 770 per sq.ft, which is equal to the guideline value of Road Street.

• Sri Ambal Vijayalakshmi Nagar: Rs 2,955 per sq.ft (2024)
• Sri Balaji Nagar: Rs 660 per sq.ft (2024)
• Sri Balaji Nagar Phase II: Rs 770 per sq.ft (2024)
• Sri Krishna Nagar: Rs 770 per sq.ft (2024)
• Srinivasa Nagar: Rs 550 per sq.ft (2024)
• Sri Sai Nagar: Rs 1,480 per sq.ft (2024)

Stamp duty and registration fee for property in Road Street

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty, charged at 7%, would amount to Rs 53,900, while the registration fee at 2% would be Rs 15,400. Together, the total fees would be Rs 69,300. 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 further calculations.

Which Sub Registrar Office covers Road Street?

The Sub Registrar Office that covers Road Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069, in the Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Mepur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Road Street?

The current guideline value of Road Street is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then to Rs 700 per sq.ft in 2023, and finally to Rs 770 per sq.ft in 2024.

What is the land classification of Road Street?

Road Street is classified as Residential Class I Type - I according to the guideline value register.

What are the stamp duty and registration fees for property in Road Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 7,70,000, with a stamp duty of Rs 53,900 and a registration fee of Rs 15,400, totaling Rs 69,300.

Which office handles registrations for Road Street?

The Kunrathur Sub Registrar Office handles registrations for Road Street, located at No.59, Road Street, Kundrathur, Chennai -600 069.