Guideline Value for SCHOOL STREET

School Street guideline value

The current guideline value of School Street in Vengathur village, under the Manavalanagar SRO, is Rs 700 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of School Street has changed

The guideline value for School Street has seen several revisions over the years. In the 2007 revision, the value was Rs 125 per sq.ft, which increased significantly to Rs 700 per sq.ft in the 2012 revision. However, it then decreased to Rs 469 per sq.ft in the 2017 revision, before rising again to Rs 700 per sq.ft in both the 2023 and 2024 revisions. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The significant increase from 2007 to 2012 was 460%, while the overall increase from 2007 to 2024 also stands at 460%. The current value of Rs 700 per sq.ft reflects no change from the previous year.

Guideline values in Vengathur

In Vengathur, there are 186 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 2,000 per sq.ft, with a median of Rs 1,000 per sq.ft. School Street's guideline value is below this median.

• Sathur Balakrishnan Street: Rs 700 per sq.ft (2024)
• Sekizhar Street: Rs 1,300 per sq.ft (2024)
• Sathiya Moorthy Street: Rs 1,300 per sq.ft (2024)
• Sengalvarayan Street: Rs 700 per sq.ft (2024)
• Seran Street: Rs 1,300 per sq.ft (2024)
• Shanmuga Padmavathi Nagar: Rs 1,300 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 of Rs 700 per sq.ft, the guideline value is Rs 7,00,000. The stamp duty at 7% would amount to Rs 49,000, and the registration fee at 2% would be Rs 14,000. Together, the total cost for these fees would be Rs 63,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our 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 Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in property transactions in Vengathur. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School Street is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for School Street has changed from Rs 125 per sq.ft in 2007 to Rs 700 per sq.ft in 2012, then decreased to Rs 469 per sq.ft in 2017, and returned to Rs 700 per sq.ft in 2023 and 2024.

What is the land classification for School Street?

School Street is classified as Residential Class II Type - I, which indicates its suitability for residential purposes.

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

For a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000 and the registration fee would be Rs 14,000, totaling Rs 63,000.

Where is the Sub Registrar Office located for School Street?

The Manavalanagar Sub Registrar Office is located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.