Guideline Value for SCHOOL ROAD

School Road guideline value

The current guideline value of School Road in Villivakkam village, under the Villivakkam SRO, is Rs 9,900 per sq.ft as per the 2024 revision, effective from 1 July 2024. The land classification for this area is Mixed Type - II.

How the guideline value of School Road has changed

The guideline value of School Road has seen significant changes over the years. Starting from the 2002 revision, the value was Rs 1,250 per sq.ft. This increased to Rs 1,425 per sq.ft in 2003, marking a 14% rise. The value continued to rise dramatically to Rs 9,000 per sq.ft in 2007, which is a 532% increase. The 2012 revision recorded the same value of Rs 9,000 per sq.ft, showing no change from the previous revision.

In the following years, the guideline value changed again, with the 2017 revision at Rs 6,030 per sq.ft, a decrease of 33% from 2012. The value then increased to Rs 9,000 per sq.ft in the 2023 revision, representing a 49% rise. Finally, the current 2024 revision has set the guideline value at Rs 9,900 per sq.ft, reflecting a 10% increase from the previous year.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing School Road's 2024 figure above that median.

• Sathiya Nagar (Slum Board): Rs 2,700 per sq.ft (2024)
• SIDCO NAGAR 10th STREET: Rs 5,500 per sq.ft (2024)
• SIDCO NAGAR 11th STREET: Rs 5,500 per sq.ft (2024)
• SIDCO NAGAR 12th STREET: Rs 5,500 per sq.ft (2024)
• SIDCO NAGAR 13th STREET: Rs 5,500 per sq.ft (2024)
• SIDCO NAGAR 14th STREET: Rs 5,500 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 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total cost for these charges to Rs 8,91,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also 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 Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is an essential factor during property registration in Villivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating property transactions to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of School Road?

The current guideline value of School Road is Rs 9,900 per sq.ft as per the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,250 in 2002 to Rs 9,900 in 2024, reflecting an overall increase of 692% over the years.

What is the registration office for School Road?

The registration office for School Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in School Road?

Stamp duty for properties in School Road is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at the current guideline value incurs a total stamp duty and registration fee of Rs 8,91,000.

What are the guideline values of other streets in Villivakkam?

Other streets in Villivakkam have varying guideline values. For instance, Sathiya Nagar (Slum Board) is valued at Rs 2,700 per sq.ft, while several SIDCO Nagar streets are valued at Rs 5,500 per sq.ft in 2024.