Guideline Value for SCHOOL 1ST STREET

School 1st Street guideline value

The current guideline value of School 1st Street in Palavakkam village, under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of School 1st Street has changed

The guideline value for School 1st Street has seen several revisions over the years. Starting from Rs 301 per sq.ft in 2003, it increased significantly to Rs 700 per sq.ft in 2007, marking a 133% rise. The value then jumped to Rs 2,500 per sq.ft in 2012, reflecting a 257% increase. However, from 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, a drop of 33%. The value rose again to Rs 2,500 per sq.ft in 2023, and the latest revision in 2024 has set the guideline value at Rs 2,800 per sq.ft, a 12% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 830%. The register does not contain a figure for the year 2002 for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO with a guideline value range from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which means School 1st Street's 2024 figure is below this median.

• School 2nd Street: Rs 2,800 per sq.ft (2024)
• School Street: Rs 2,800 per sq.ft (2024)
• Sea Shell Avenue: Rs 3,900 per sq.ft (2024)
• Sathiyamurthi Road (In Lakshman Nagar): Rs 3,300 per sq.ft (2024)
• Sengeni Amman Koil Street: Rs 2,800 per sq.ft (2024)
• Santhosh Nagar & Extension: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in School 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making a total of Rs 2,52,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers School 1st Street?

The Sub Registrar Office that covers School 1st Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, click here.

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

The guideline value is a crucial factor in property transactions in Palavakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers should be aware that the guideline value is set by the government and can vary significantly between different streets and areas.

When registering a property, the guideline value helps ensure that the transaction is recorded accurately for tax purposes. It is essential for both buyers and sellers to understand the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of School 1st Street?

The current guideline value of School 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 301 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 830% over the years.

What is the median guideline value in Palavakkam?

The median guideline value in Palavakkam is Rs 3,300 per sq.ft, which is higher than the current guideline value of School 1st Street.

What are the stamp duty and registration fees for property in School 1st Street?

The stamp duty is 7% and the registration fee is 2%. For a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 2,52,000.

Which office handles registrations for School 1st Street?

The Neelankarai Sub Registrar Office handles registrations for School 1st Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.