Guideline Value for SCHOOL STREET (WARD -2)

School Street (Ward -2) guideline value

The current guideline value of School Street (Ward -2) is Rs 440 per sq.ft, effective from 1 July 2024. This street is located in Sattamangalam village and falls under the Chengleput Joint II SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of School Street (Ward -2) has changed

Over the years, the guideline value for School Street (Ward -2) has seen several revisions. The 2012 revision set the value at Rs 400 per sq.ft, which was then reduced to Rs 268 per sq.ft in the 2017 revision. However, the 2023 revision increased it back to Rs 400 per sq.ft, and the most recent 2024 revision further raised it to Rs 440 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Sattamangalam

Sattamangalam village has a total of 425 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 2,200 per sq.ft. The median guideline value for these streets is Rs 1,100 per sq.ft, placing School Street (Ward -2) below this median.

• School Street (Ward -15): Rs 440 per sq.ft (2024)
• Seerapuranam Street (N): Rs 1,320 per sq.ft (2024)
• Sattamangalam (Ward -15): Rs 440 per sq.ft (2024)
• Seethalai Sathanar Street (Ward -6): Rs 1,320 per sq.ft (2024)
• Sattamangalam Perumal Koil St (Ward -15): Rs 440 per sq.ft (2024)
• Sathya Suriya Garden (Ward -7): Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in School Street (Ward -2)

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, making the total charges Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details on the charges applicable to your property transaction.

Which Sub Registrar Office covers School Street (Ward -2)?

The Sub Registrar Office that covers School Street (Ward -2) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Sattamangalam. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately with the appropriate authorities.

When you proceed with a property transaction, the guideline value will be used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures that both the buyer and seller are aware of the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of School Street (Ward -2)?

The current guideline value of School Street (Ward -2) is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 268 per sq.ft in 2017, then back to Rs 400 per sq.ft in 2023, and finally to Rs 440 per sq.ft in 2024.

What is the land classification for School Street (Ward -2)?

School Street (Ward -2) is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 and the registration fee would be Rs 8,800, totaling Rs 39,600. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for School Street (Ward -2)?

The Chengleput Joint II Sub Registrar Office handles registrations for School Street (Ward -2), located at 10, Kancheepuram Main Road, Chengalpattu 603 002.