Guideline Value for SCHOOL STREET (WARD -1)

School Street (Ward -1) guideline value

The current guideline value of School Street (Ward -1) is Rs 770 per sq.ft, effective from 1 July 2024. This street is located in Konathi village under the Chengleput Joint II SRO and is classified as Residential Class I Type - III.

How the guideline value of School Street (Ward -1) has changed

The guideline value for School Street has seen several revisions over the years. The 2012 revision set the value at Rs 700 per sq.ft, which was then reduced to Rs 469 per sq.ft in the 2017 revision. However, the 2023 revision increased the value to Rs 700 per sq.ft, and the most recent 2024 revision further raised it to Rs 770 per sq.ft, marking a 10% increase from the previous year. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it experienced a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Konathi

In Konathi, there are 131 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 2,500 per sq.ft. The median value for these streets is Rs 770 per sq.ft, which is equal to the guideline value of School Street (Ward -1).

• Shanmugapriya Nagar (Ward-21): Rs 1,650 per sq.ft (2024)
• Samundeeswari Naga Potheri (Ward-20): Rs 1,980 per sq.ft (2024)
• Sheep Farm Road (Ward-21): Rs 660 per sq.ft (2024)
• Saisakthi Nagar: Rs 2,500 per sq.ft (2024)
• Ruthra Avenue (Tai): Rs 880 per sq.ft (2024)
• Ramani Thottam (Ward-20): Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in School Street (Ward -1)

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value is Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total fees to Rs 69,300. 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 Street (Ward -1)?

The Sub Registrar Office that covers School Street (Ward -1) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Konathi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. 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 Street (Ward -1)?

The current guideline value of School Street (Ward -1) is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then back to Rs 700 per sq.ft in 2023, and finally to Rs 770 per sq.ft in 2024.

What is the land classification of School Street (Ward -1)?

School Street (Ward -1) is classified as Residential Class I Type - III.

Where can I find the Chengleput Joint II SRO?

The Chengleput Joint II SRO is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.

How is stamp duty calculated for property in School Street (Ward -1)?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900 at 7%.