Guideline Value for SCHOOL 2ND STREET

School 2nd Street guideline value

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

How the guideline value of School 2nd Street has changed

Over the years, the guideline value for School 2nd Street has seen significant changes. The earliest recorded figure is from 2002, with a guideline value of Rs 269 per sq.ft. This increased to Rs 301 per sq.ft in 2003, reflecting a rise of 12%. The value then surged to Rs 700 per sq.ft in 2007, marking a substantial increase of 133%. Following this, in 2012, the guideline value was Rs 2,500 per sq.ft, which was a decrease of 33% from the previous revision. In 2017, it rose again to Rs 1,675 per sq.ft, and then to Rs 2,500 per sq.ft in 2023, before reaching the current value of Rs 2,800 per sq.ft in 2024, a change of 12% from the previous year.

To summarize the revisions: the value increased from Rs 269 in 2002 to Rs 301 in 2003, then to Rs 700 in 2007, decreased to Rs 2,500 in 2012, increased to Rs 1,675 in 2017, then to Rs 2,500 in 2023, and finally to Rs 2,800 in 2024. The register has no figures for the years not listed above.

Guideline values in Palavakkam

Palavakkam village has 349 streets under the Neelankarai SRO, with the 2024 guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, placing School 2nd Street's 2024 figure below this median.

• School 1st 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 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value amounts to 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, totaling Rs 2,52,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers School 2nd Street?

The Sub Registrar Office that covers School 2nd 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 more information.

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

The guideline value plays a crucial role in property transactions in Palavakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling a property. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, reflecting the official rates set by the government. This helps maintain transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value of School 2nd Street?

The current guideline value of School 2nd 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 269 in 2002 to Rs 2,800 in 2024, with various increases and decreases in between. The most recent increase was from Rs 2,500 in 2023 to Rs 2,800 in 2024.

What is the median guideline value in Palavakkam?

The median guideline value in Palavakkam is Rs 3,300 per sq.ft for the year 2024. School 2nd Street's guideline value is below this median.

What are the stamp duty and registration fees for properties in School 2nd Street?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000, and the registration fee would be Rs 56,000, totaling Rs 2,52,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

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