Guideline Value for SEMMAN PETTAI 1ST STREET

Semman Pettai 1st Street guideline value

The current guideline value of Semman Pettai 1st Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class II Type - III.

How the guideline value of Semman Pettai 1st Street has changed

Over the years, the guideline value of Semman Pettai 1st Street has seen significant changes. The 2007 revision set the guideline value at Rs 1,800 per sq.ft, which increased to Rs 6,500 per sq.ft in 2012. However, this figure dropped to Rs 4,355 per sq.ft in 2017. The 2023 revision raised it to Rs 6,500 per sq.ft, and the most recent 2024 revision has set it at Rs 7,100 per sq.ft. There are no figures available for the years 2002 and 2003.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Following this, the 2023 to 2024 change reflects a rise of 9%. Overall, from the 2007 revision to the 2024 revision, there has been a substantial increase of 294% in the guideline value.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, placing Semman Pettai 1st Street's 2024 figure above this median.

• Semman Pettai: Rs 7,100 per sq.ft (2024)
• Semman Pettai 2nd Street: Rs 7,100 per sq.ft (2024)
• Semman Pettai 3rd Street: Rs 7,100 per sq.ft (2024)
• Semman Pettai Main Street: Rs 7,100 per sq.ft (2024)
• Selvaperumal Puram Koil Street: Rs 4,400 per sq.ft (2024)
• Secretariat Colony Lane: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Semman Pettai 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, while the registration fee at 2% would be Rs 1,42,000. Together, these fees would total Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Semman Pettai 1st Street?

The Sub Registrar Office that covers Semman Pettai 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer and seller must consider the guideline value to ensure compliance with legal requirements. The fees are calculated based on this value or the sale price, whichever is higher, ensuring that the transaction is properly documented and taxed.

Frequently asked questions

What is the current guideline value of Semman Pettai 1st Street?

The current guideline value of Semman Pettai 1st Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 1,800 per sq.ft in 2007, rising to Rs 6,500 per sq.ft in 2012, then decreasing to Rs 4,355 per sq.ft in 2017, and increasing again to Rs 6,500 per sq.ft in 2023 before reaching Rs 7,100 per sq.ft in 2024.

What is the land classification of Semman Pettai 1st Street?

Semman Pettai 1st Street is classified as Residential Class II Type - III, indicating its suitability for residential development.

What are the stamp duty rates applicable for properties in Semman Pettai 1st Street?

The stamp duty for properties in Semman Pettai 1st Street is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% applies.

Where is the Sub Registrar Office for Semman Pettai 1st Street located?

The Sub Registrar Office covering Semman Pettai 1st Street is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. This office handles all registration processes for properties in the area.