Guideline Value for SCHOOL ROAD

School Road guideline value

The current guideline value of School Road in Padi village is Rs 9,700 per sq.ft, effective from 1 July 2024. This property falls under the jurisdiction of the Villivakkam SRO and is classified as Residential Class I Type - II.

How the guideline value of School Road has changed

The guideline value for School Road has seen significant changes over the years. In 2002, the value was Rs 1,250 per sq.ft, which increased to Rs 1,425 per sq.ft in 2003, marking a change of +14%. The value then rose to Rs 3,215 per sq.ft in 2007, an increase of +126%. In 2012, the value was recorded at Rs 9,000 per sq.ft, reflecting a decrease of -33% from the previous revision. The guideline value remained at Rs 9,000 per sq.ft until 2017, when it increased to Rs 6,030 per sq.ft, a change of +49% over the next six years. The most recent revision in 2023 set the value at Rs 9,000 per sq.ft, which then rose to Rs 9,700 per sq.ft in 2024, an increase of +8%.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 3,800 per sq.ft, placing School Road's 2024 figure above this median.

• Sathyavathy Nagar 3rd Street: Rs 3,400 per sq.ft (2024)
• Sathyavathy Nagar 2nd Street: Rs 3,400 per sq.ft (2024)
• Sathyavathy Nagar 1st Street: Rs 3,400 per sq.ft (2024)
• Sathyavathy Nagar: Rs 3,400 per sq.ft (2024)
• Sathyamurthy Colony (Near Thiruvalleswarar Nagar): Rs 5,400 per sq.ft (2024)
• Sathiya Nagar: Rs 2,500 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 9,700 per sq.ft, the total guideline value would be Rs 97,00,000. The stamp duty at 7% would amount to Rs 6,79,000, and the registration fee at 2% would be Rs 1,94,000, totaling Rs 8,73,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers School Road?

The Sub Registrar Office that covers School Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Padi. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value is set by the Registration Department and is updated periodically to reflect changes in the real estate market.

When you register a property, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives due revenue from property transactions, and it is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of School Road?

The current guideline value of School Road is Rs 9,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,250 per sq.ft in 2002 to Rs 9,700 per sq.ft in 2024, reflecting an overall increase of +676% over the years.

What is the land classification for School Road?

School Road is classified as Residential Class I Type - II, indicating its suitability for residential development.

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

For a property valued at Rs 97,00,000, the stamp duty would be Rs 6,79,000, and the registration fee would be Rs 1,94,000, totaling Rs 8,73,000.

Where is the Sub Registrar Office for School Road located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.