Guideline Value for SCHOOL STREET

School Street guideline value

The current guideline value of School Street in Karambakkam village is Rs 1,930 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of School Street has changed

Over the years, the guideline value of School Street has seen significant changes. The earliest recorded revision in the guideline value register is from 2002, where the value was Rs 244 per sq.ft. This increased to Rs 281 per sq.ft in 2003, marking a 15% rise. By 2007, the value jumped to Rs 350 per sq.ft, reflecting a 25% increase. In 2012, the value rose to Rs 1,750 per sq.ft, showing a substantial increase of 400%. However, it then decreased by 33% to Rs 1,172 per sq.ft in 2017. The value further increased to Rs 1,750 per sq.ft in 2023, before reaching the current figure of Rs 1,930 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 691%. The register does not contain figures for any other years apart from those listed above.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,930 per sq.ft, which is the same as the guideline value for School Street.

• School Cross Street: Rs 1,930 per sq.ft (2024)
• Samayapuram Nagar Main Road: Rs 3,030 per sq.ft (2024)
• Samayapuram Nagar 6th Street: Rs 3,030 per sq.ft (2024)
• Samayapuram Nagar 5th Street: Rs 3,030 per sq.ft (2024)
• Samayapuram Nagar 4th Street: Rs 3,030 per sq.ft (2024)
• Samayapuram Nagar 3rd Street: Rs 3,030 per sq.ft (2024)

Stamp duty and registration fee for property in School Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,930 per sq.ft, the total guideline value amounts to Rs 19,30,000. The stamp duty at 7% would be Rs 1,35,100, and the registration fee at 2% would be Rs 38,600, bringing the total to Rs 1,73,700. Please note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for further assistance.

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 Karambakkam

The guideline value is a crucial factor during the registration of property transactions in Karambakkam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must ensure that the sale price is higher than or equal to the guideline value to comply with registration regulations.

When a property is registered, the guideline value helps to establish a baseline for the transaction. This ensures that the state receives the appropriate revenue from property transactions, as the stamp duty is calculated based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School Street is Rs 1,930 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the most recent increase being 10% from Rs 1,750 per sq.ft in 2023 to Rs 1,930 per sq.ft in 2024. The overall increase from 2002 to 2024 is 691%.

What is the land classification for School Street?

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

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

For a property valued at Rs 19,30,000, the stamp duty would be Rs 1,35,100 and the registration fee would be Rs 38,600, totaling Rs 1,73,700.

Where can I find the Sub Registrar Office for School Street?

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.