Guideline Value for SCHOOL STREET

School Street guideline value

The current guideline value of School Street in Palavakkam village, under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of School Street has changed

The guideline value for School Street has undergone several revisions since 2002. The earliest recorded value in 2002 was Rs 269 per sq.ft, which increased to Rs 301 per sq.ft in 2003. Following this, the value rose significantly to Rs 700 per sq.ft in 2007, marking a 133% increase. In 2012, the value saw a decrease to Rs 2,500 per sq.ft, a drop of 257%. The value then increased to Rs 1,675 per sq.ft in 2017, reflecting a 49% increase. The most recent revision in 2023 set the guideline value at Rs 2,500 per sq.ft, which increased to Rs 2,800 per sq.ft in 2024, a rise of 12%.

Overall, from 2002 to 2024, the guideline value has increased by 941%. There are no figures available for revisions in years not listed in the register.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing School Street's 2024 figure below that median.

• Sea Shell Avenue: Rs 3,900 per sq.ft (2024)
• School 2nd Street: Rs 2,800 per sq.ft (2024)
• School 1st Street: Rs 2,800 per sq.ft (2024)
• Sathiyamurthi Road (In Lakshman Nagar): Rs 3,300 per sq.ft (2024)
• Sengeni Amman Koil Street: Rs 2,800 per sq.ft (2024)
• Santhosh Nagar & Extension: Rs 3,300 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 2,800 per sq.ft, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. 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 Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory expenses in the property transaction process. Buyers should be aware of the current guideline value to understand their financial obligations during registration.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 269 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 941% over the years.

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

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which Sub Registrar Office covers School Street?

The Neelankarai Sub Registrar Office covers School Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for School Street?

School Street is classified as Residential Class III Type - I, which indicates its designation for residential use within the area.