Guideline Value for S.R.P. Colony 8th Street

S.R.P. Colony 8th Street guideline value

The current guideline value of S.R.P. Colony 8th Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village, under the Sembiam SRO, and is classified as Commercial Class I Type - I.

How the guideline value of S.R.P. Colony 8th Street has changed

Over the years, the guideline value of S.R.P. Colony 8th Street has seen significant changes. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased to Rs 5,000 per sq.ft in 2012. However, there was a decrease to Rs 3,350 per sq.ft in 2017. The value then rose to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft as of the 2024 revision. Notably, the register has no figure for this street in 2002 and 2003.

The changes between revisions are as follows: from 2007 to 2012, the value increased by 400%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 450%.

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 of S.R.P. Colony 8th Street is above this median.

• S.R.P. Colony 7th Street: Rs 5,500 per sq.ft (2024)
• S.R.P. Colony 9th Street: Rs 5,500 per sq.ft (2024)
• S.R.P. Colony 6th Street: Rs 5,500 per sq.ft (2024)
• S.R.P. Koil Street (Amirthammal Colony): Rs 5,500 per sq.ft (2024)
• S.R.P. Colony 5th Street: Rs 5,500 per sq.ft (2024)
• S.R.P. Colony 4th Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in S.R.P. Colony 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers S.R.P. Colony 8th Street?

The S.R.P. Colony 8th 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 during property registration in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal and financial implications of the transaction. Buyers should be aware that the final cost may include additional fees based on the guideline value, which is assessed by the local registration authority.

Frequently asked questions

What is the current guideline value of S.R.P. Colony 8th Street?

The current guideline value of S.R.P. Colony 8th 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 changed significantly from Rs 1,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 450% over this period.

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

For a plot of 1,000 sq.ft at the current guideline value, the total stamp duty would be Rs 3,85,000, and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles the registration for S.R.P. Colony 8th Street?

The Sembiam Sub Registrar Office handles the registration for S.R.P. Colony 8th Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification for S.R.P. Colony 8th Street?

S.R.P. Colony 8th Street is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.