Guideline Value for SCHOOL ROAD

School Road guideline value

The current guideline value of School Road in Koladi village, under the Chennai South Joint II SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of School Road has changed

The guideline value for School Road has seen several revisions over the years. In the 2007 revision, the value was set at Rs 300 per sq.ft. This increased significantly to Rs 1,000 per sq.ft in the 2012 revision, marking a 233% rise. However, in the 2017 revision, the value decreased to Rs 670 per sq.ft, reflecting a 33% drop. The value then increased to Rs 1,000 per sq.ft in the 2023 revision, followed by a further increase to Rs 1,100 per sq.ft in the 2024 revision, which is a 10% rise from the previous year.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 267%. There are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Koladi

In Koladi, there are 175 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 660 to Rs 4,000 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, which is equal to the current guideline value of School Road.

• Seethammal Street: Rs 660 per sq.ft (2024)
• Senthamizh Nagar Main And Cross Streets: Rs 660 per sq.ft (2024)
• Seshadhri Street: Rs 660 per sq.ft (2024)
• Sannathi Street: Rs 660 per sq.ft (2024)
• Shri Abirami Nagar: Rs 660 per sq.ft (2024)
• Shri Devi Karumari Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in School Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total fees together Rs 99,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers School Road?

The Sub Registrar Office that covers School Road is the Chennai South Joint II 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 Koladi

The guideline value is a critical factor when buying or selling property in Koladi, as it determines the amount of stamp duty and registration fees payable. The guideline value serves as a benchmark for property transactions, ensuring that the fees are calculated based on a standardized valuation of the property.

When registering a property, the buyer must pay the stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of School Road?

The current guideline value of School Road is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

What are the stamp duty and registration fees for property in School Road?

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000, and the registration fee would be Rs 22,000, making the total fees Rs 99,000.

Which Sub Registrar Office covers School Road?

The Chennai South Joint II Sub Registrar Office covers School Road, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification of School Road?

School Road is classified as Residential Class II Type - I under the Chennai South Joint II SRO.