Guideline Value for SANTHANAM STREET

Santhanam Street guideline value

The current guideline value of Santhanam Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Residential Class I Type - I.

How the guideline value of Santhanam Street has changed

Over the years, the guideline value of Santhanam Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced by 33% to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the latest 2024 revision raised it further to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2024, the overall change in the guideline value is an increase of 10%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the current guideline value for Santhanam Street.

• Sannathi Street: Rs 1,870 per sq.ft (2024)
• Sampoornam Nagar: Rs 1,870 per sq.ft (2024)
• Sakthi Nagar Part II /Lakshmi Nagar St Somu Nagar: Rs 2,200 per sq.ft (2024)
• Sakthi Auenue: Rs 2,200 per sq.ft (2024)
• Sathyamurthy Cross Street: Rs 2,200 per sq.ft (2024)
• Sathyamurthy Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Santhanam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. 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 information.

Which Sub Registrar Office covers Santhanam Street?

Santhanam Street falls under the jurisdiction of the Chennai South Joint I 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 more details.

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

The guideline value is a critical factor in property transactions in Medavakkam, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees, which are based on this value or the sale price, whichever is higher. This ensures that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of Santhanam Street?

The current guideline value of Santhanam 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 from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Santhanam Street?

Santhanam Street is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for properties in Santhanam Street?

For a 1,000 sq.ft property, the total guideline value is Rs 22,00,000, leading to a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations for Santhanam Street?

The Chennai South Joint I Sub Registrar Office handles property registrations for Santhanam Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.