Guideline Value for SCHOOL STREET

School Street guideline value

The current guideline value of School Street in Chettiyaragaram village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of School Street has changed

Over the years, the guideline value of School Street has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and then to Rs 1,650 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the value rose by 49%, while the change from 2012 to 2017 was a decrease of 33%. Overall, from 2012 to 2024, the guideline value increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chettiyaragaram

In Chettiyaragaram, there are 22 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,210 to Rs 4,400 per sq.ft, with a median of Rs 2,200 per sq.ft. School Street's 2024 guideline value is below this median.

• Singara Nagiker Street: Rs 1,650 per sq.ft (2024)
• Sivarama Iyar Street: Rs 1,650 per sq.ft (2024)
• S.K.Nagar: Rs 2,420 per sq.ft (2024)
• S.K.Nagar Main Road: Rs 2,420 per sq.ft (2024)
• Rajalakshmi Garden: Rs 1,650 per sq.ft (2024)
• Porur Garden Phase-III: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in School Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making a total of Rs 1,48,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers School Street?

The Sub Registrar Office that covers School Street is the Chennai South Joint I 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 Chettiyaragaram

The guideline value plays a crucial role during the registration of property transactions in Chettiyaragaram. It is used to determine the stamp duty and registration fees that buyers must pay, ensuring that these costs are based on a standardized valuation of the property.

When buying or selling a property, the guideline value is referenced to calculate the necessary fees. This ensures transparency and consistency in property transactions across the region.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification of School Street?

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

What are the stamp duty rates for property in School Street?

The stamp duty rate for property transactions in School Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for School Street located?

The Sub Registrar Office for School Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.