Guideline Value for SEMBADA STREET

Sembada Street guideline value

The current guideline value of Sembada Street in Saidapet village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - III.

How the guideline value of Sembada Street has changed

The guideline value for Sembada Street has seen several revisions over the years. In 2002, the value was Rs 633 per sq.ft, which increased to Rs 729 per sq.ft in 2003, marking a 15% rise. The value then rose significantly to Rs 1,100 per sq.ft in 2007, reflecting a 51% increase. By 2012, the value reached Rs 2,500 per sq.ft, a 127% increase from the previous revision. However, it dropped to Rs 1,675 per sq.ft in 2017, which was a decline of 33% from the 2012 figure. The value then increased to Rs 2,500 per sq.ft in 2023, before reaching the current value of Rs 2,750 per sq.ft in 2024, an increase of 10%.

Overall, from 2002 to 2024, the guideline value has increased by 334%. The register has no figure for Sembada Street for the years not listed in the revisions.

Guideline values in Saidapet

In Saidapet, there are 52 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Sembada Street is below this median.

• Sarathy Nagar: Rs 4,400 per sq.ft (2024)
• Saibaba Nagar: Rs 3,300 per sq.ft (2024)
• Rangabashyam Chetty Street: Rs 2,750 per sq.ft (2024)
• Subramania Mudali Street: Rs 4,400 per sq.ft (2024)
• Subramaniyasamy Koil Street: Rs 4,950 per sq.ft (2024)
• Teacher Ramachandran Nagar 1st Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Sembada Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sembada Street?

The Sub Registrar Office that covers Sembada 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 Saidapet

The guideline value is a crucial factor when registering property transactions in Saidapet. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must be aware of this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value helps in assessing the appropriate fees that need to be paid to the government. It is essential for both parties in a transaction to understand the guideline value to avoid any discrepancies during the registration of the property.

Frequently asked questions

What is the current guideline value of Sembada Street?

The current guideline value of Sembada Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 633 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 334% over this period.

What is the land classification of Sembada Street?

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

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

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles the registration for Sembada Street?

The registration for Sembada Street is handled by 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.