Guideline Value for SADIK BASHA STREET

Sadik Basha Street guideline value

The current guideline value of Sadik Basha Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Sadik Basha Street has changed

The guideline value for Sadik Basha Street has seen several revisions over the years. In 2002, the value was Rs 219 per sq.ft, which increased to Rs 245 per sq.ft in 2003, marking a 12% rise. The value then rose significantly to Rs 400 per sq.ft in 2007, reflecting a 63% increase. By 2012, the value was Rs 2,000 per sq.ft, indicating a substantial jump of 400% from the previous revision. However, the value decreased to Rs 1,340 per sq.ft in 2017, showing a decline of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, followed by the current figure of Rs 2,200 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value for Sadik Basha Street has increased by 905%. The register has no figure for this street for the years not listed in the revisions.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Sadik Basha Street's 2024 figure below this median.

• Sai Baba Street: Rs 3,300 per sq.ft (2024)
• Saidanya Avenue: Rs 3,300 per sq.ft (2024)
• R.S.L.Salai/Road: Rs 1,700 per sq.ft (2024)
• Sangarapuram 1st Street: Rs 3,900 per sq.ft (2024)
• Sangarapuram 2nd Street: Rs 3,900 per sq.ft (2024)
• Santhi Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sadik Basha Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Sadik Basha Street?

The Sub Registrar Office that covers Sadik Basha Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for additional information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per the government regulations.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the state government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sadik Basha Street?

The current guideline value of Sadik Basha Street is Rs 2,200 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 219 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 905% over the years.

What are the other streets in Palavakkam with their guideline values?

Other streets in Palavakkam include Sai Baba Street and Saidanya Avenue at Rs 3,300 per sq.ft, R.S.L.Salai/Road at Rs 1,700 per sq.ft, and Sangarapuram 1st and 2nd Streets at Rs 3,900 per sq.ft.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total fees would amount to Rs 1,98,000.

Where can I find the Sub Registrar Office for Sadik Basha Street?

The Neelankarai Sub Registrar Office covers Sadik Basha Street and is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.