Guideline Value for SCHOOL CROSS STREET

School Cross Street guideline value

The current guideline value of School Cross Street in Karambakkam village is Rs 1,930 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of School Cross Street has changed

The guideline value for School Cross Street has seen several revisions over the years. In 2012, the value was set at Rs 1,750 per sq.ft. This figure remained until the next revision in 2017, where it decreased to Rs 1,172 per sq.ft. Following that, the value increased significantly to Rs 1,750 per sq.ft in 2023, before rising again to Rs 1,930 per sq.ft in the 2024 revision.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The most recent change from 2023 to 2024 reflects a 10% increase, bringing the overall change from 2012 to 2024 to a total of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median value is Rs 1,930 per sq.ft, which is equal to the guideline value of School Cross Street.

• School Street: Rs 1,930 per sq.ft (2024)
• Samayapuram Nagar Main Road: Rs 3,030 per sq.ft (2024)
• Samayapuram Nagar 6th Street: Rs 3,030 per sq.ft (2024)
• Samayapuram Nagar 5th Street: Rs 3,030 per sq.ft (2024)
• Samayapuram Nagar 4th Street: Rs 3,030 per sq.ft (2024)
• Samayapuram Nagar 3rd Street: Rs 3,030 per sq.ft (2024)

Stamp duty and registration fee for property in School Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 1,930 per sq.ft, the guideline value amounts to Rs 19,30,000. The stamp duty at 7% would be Rs 1,35,100, and the registration fee at 2% would be Rs 38,600, totaling Rs 1,73,700. 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 Cross Street?

The Sub Registrar Office that covers School Cross Street is 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 information.

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

The guideline value is a crucial factor in property transactions in Karambakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on an official valuation.

During the registration process, buyers and sellers must ensure that the sale price meets or exceeds the guideline value. This is important as the registration office will charge fees based on the higher of the guideline value or the agreed sale price, which helps maintain a standard for property transactions in the area.

Frequently asked questions

What is the current guideline value of School Cross Street?

The current guideline value of School Cross Street is Rs 1,930 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,750 per sq.ft in 2012 to Rs 1,172 per sq.ft in 2017, then increased to Rs 1,750 per sq.ft in 2023, and finally to Rs 1,930 per sq.ft in 2024.

What is the land classification for School Cross Street?

School Cross Street is classified as Residential Class III Type - I under the Chennai South Joint I SRO.

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

For a property valued at Rs 19,30,000, the stamp duty would be Rs 1,35,100 and the registration fee would be Rs 38,600, totaling Rs 1,73,700.

Which office handles registrations for School Cross Street?

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