Guideline Value for S.R.P. Colony 2nd Street

S.R.P. Colony 2nd Street guideline value

The current guideline value of S.R.P. Colony 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village under the Sembiam SRO, classified as Commercial Class I Type - I.

How the guideline value of S.R.P. Colony 2nd Street has changed

The guideline value for S.R.P. Colony 2nd Street has seen several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 1,000 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a 400% rise. However, from 2012 to 2017, the value decreased to Rs 3,350 per sq.ft, a decline of 33%. The value then rose to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft since the 2024 revision, reflecting a 10% increase.

There are no recorded figures for the years 2002 and 2003 for this street. The overall increase from the 2007 revision to the current 2024 revision is 450%, highlighting significant changes in the guideline value over the years.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft, with a median value of Rs 3,301 per sq.ft. The guideline value for S.R.P. Colony 2nd Street is above this median, indicating a higher valuation compared to many other streets in the area.

• S.R.P. Colony 1st Main Road: Rs 5,500 per sq.ft (2024)
• S.R.P. Colony 3rd Street: Rs 5,500 per sq.ft (2024)
• S.R.P. Colony 1st Cross Street: Rs 5,500 per sq.ft (2024)
• S.R.P. Colony 4th Street: Rs 5,500 per sq.ft (2024)
• S.R.P. Colony 15th Street: Rs 5,500 per sq.ft (2024)
• S.R.P. Colony 5th Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in S.R.P. Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total fees together Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers S.R.P. Colony 2nd Street?

The S.R.P. Colony 2nd Street falls under the Sembiam Sub Registrar Office located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in property transactions.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial implications of their transactions based on the established guideline value.

Frequently asked questions

What is the current guideline value of S.R.P. Colony 2nd Street?

The current guideline value of S.R.P. Colony 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 1,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, with significant fluctuations in between.

Where can I find the registration office for S.R.P. Colony 2nd Street?

The registration office for S.R.P. Colony 2nd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would be Rs 4,95,000.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions, serving as a minimum benchmark for property registration in Peravallur.