Guideline Value for SASTRI 2 CROSS STREET

Sastri 2 Cross Street guideline value

The current guideline value of Sastri 2 Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village and falls under the Thiyagaraya nagar SRO. The land classification for this area is Residential Class III Type - III.

How the guideline value of Sastri 2 Cross Street has changed

Over the years, the guideline value of Sastri 2 Cross Street has seen significant changes. In the 2002 revision, the value was Rs 491 per sq.ft, which increased to Rs 545 per sq.ft in 2003. Following this, the 2007 revision marked a substantial rise to Rs 1,000 per sq.ft, and by 2012, it had increased to Rs 4,000 per sq.ft. However, in the 2017 revision, the value dropped to Rs 2,680 per sq.ft. The 2023 revision brought it back up to Rs 4,000 per sq.ft, and the latest 2024 revision set it at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%, while from 2012 to 2017, the value decreased by 33%. The 2007 to 2012 period saw an impressive rise of 300%, and the value increased by 83% from 2003 to 2007. Additionally, there was an 11% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 796%.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 22,000 per sq.ft, with a median value of Rs 6,600 per sq.ft. Sastri 2 Cross Street's current guideline value is below this median.

• Sastri 1 St Cross Street: Rs 4,400 per sq.ft (2024)
• Sastri 3 Rd Cross Street: Rs 4,400 per sq.ft (2024)
• Sastri Main Road: Rs 6,600 per sq.ft (2024)
• Sathyanarayana Road: Rs 6,600 per sq.ft (2024)
• School Road: Rs 7,700 per sq.ft (2024)
• Saradambal Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sastri 2 Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sastri 2 Cross Street?

The Sub Registrar Office that covers Sastri 2 Cross Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Mambalam. It serves as a benchmark for determining the minimum value of a property, ensuring that transactions are registered at a fair price. This value is used to calculate the stamp duty and registration fees that buyers need to pay during the registration process.

When you proceed with a property transaction, the guideline value helps in establishing the official value of the property for legal and taxation purposes. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Sastri 2 Cross Street?

The current guideline value of Sastri 2 Cross 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 significantly, starting from Rs 491 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 796% over this period.

What is the land classification for Sastri 2 Cross Street?

Sastri 2 Cross Street is classified as Residential Class III Type - III, indicating its suitability for residential development.

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

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, on a 1,000 sq.ft plot, the total fees would amount to Rs 3,96,000.

Where is the Sub Registrar Office for Sastri 2 Cross Street located?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35, and it handles registrations for Sastri 2 Cross Street.