Guideline Value for SCHOOL STREET

School Street guideline value

The current guideline value of School Street, located in the Sholinganallur - 1 village under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. The land classification for this area is 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. The earliest recorded figure is from 2017, where the value was Rs 2,010 per sq.ft. This increased to Rs 3,000 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 has set the value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for School Street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value is Rs 2,200 per sq.ft, making School Street's 2024 figure of Rs 3,300 per sq.ft above this median.

• School Street 1st Cross Street: Rs 3,300 per sq.ft (2024)
• School Street Cross Street: Rs 3,300 per sq.ft (2024)
• Sea Cliff Conclave: Rs 5,500 per sq.ft (2024)
• Sea Shell Avenue: Rs 4,400 per sq.ft (2024)
• Sea Shell Avenue Extension: Rs 4,400 per sq.ft (2024)
• SEA SHORE TOWN 10th AVENUE: 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 guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees together to Rs 2,97,000. It is important to note that 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 Sholinganallur - 1

The guideline value is a crucial factor in property transactions in Sholinganallur - 1, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to ensure that the sale price is not below the guideline value, as this can lead to legal complications. The guideline value serves as a benchmark to ensure transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,010 per sq.ft in 2017 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 64% during this period.

What is the land classification for School Street?

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

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

The Sub Registrar Office for 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.

How are stamp duties calculated for properties in School Street?

Stamp duties are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, on a property with a guideline value of Rs 33,00,000, the stamp duty at 7% would amount to Rs 2,31,000.