Guideline Value for SALAVAIYALAR COLONY 2ND STREET

Salavaiyalar Colony 2nd Street guideline value

The current guideline value of Salavaiyalar Colony 2nd Street is Rs 4,400 per sq.ft. This street is located in Saidapet village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Salavaiyalar Colony 2nd Street has changed

The guideline value for Salavaiyalar Colony 2nd Street has seen several revisions over the years. In 2002, the guideline value was Rs 484 per sq.ft, which increased to Rs 606 per sq.ft in 2003, marking a change of +25%. By 2007, the value rose significantly to Rs 800 per sq.ft, reflecting a +32% increase. The 2012 revision saw the value rise to Rs 4,000 per sq.ft, a substantial increase of +400%. However, in 2017, it decreased to Rs 2,680 per sq.ft, a drop of -33%. The value then increased to Rs 4,000 per sq.ft in 2023, and most recently, it is set to rise to Rs 4,400 per sq.ft in the 2024 revision, which is a +10% increase.

There are no figures available for the revisions in years other than those listed. Overall, from 2002 to 2024, the guideline value has increased by +809%.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Salavaiyalar Colony 2nd Street.

• Salavaiyalar Colony 3rd Street: Rs 4,400 per sq.ft (2024)
• Salaivaiyalar 1st Street: Rs 4,400 per sq.ft (2024)
• Samiyar Garden: Rs 3,300 per sq.ft (2024)
• Rathinam Thottam 1st Street: Rs 4,400 per sq.ft (2024)
• Rathinam Thottam: Rs 3,300 per sq.ft (2024)
• Rangabashyam Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Salavaiyalar Colony 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, together totaling Rs 3,96,000. It is important to note that 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 Salavaiyalar Colony 2nd Street?

The Sub Registrar Office that covers Salavaiyalar Colony 2nd Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for additional information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees applicable on the transaction. The guideline value ensures that the property is registered at a fair value, which is crucial for legal and taxation purposes.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This process helps maintain transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value of Salavaiyalar Colony 2nd Street?

The current guideline value of Salavaiyalar Colony 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 484 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, showing an overall increase of +809% over the years.

What is the land classification for Salavaiyalar Colony 2nd Street?

The land classification for Salavaiyalar Colony 2nd Street is Residential Class II Type - II.

Where can I find the Sub Registrar Office for Salavaiyalar Colony 2nd Street?

The Sub Registrar Office for Salavaiyalar Colony 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7%, and the registration fee is 2% of the guideline value or sale price.