Guideline Value for SIYATHAMMAN KOIL STREET

Siyathamman Koil Street guideline value

The current guideline value of Siyathamman Koil Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam Sub Registrar Office (SRO). The land classification for this area is Residential Class III Type - III.

How the guideline value of Siyathamman Koil Street has changed

The guideline value for Siyathamman Koil Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,500 per sq.ft. This figure then decreased to Rs 1,005 per sq.ft in 2017, marking a decline of 33%. However, in the subsequent revisions, the value increased significantly, reaching Rs 1,500 per sq.ft in 2023, and then rising to Rs 1,600 per sq.ft in 2024, a change of 7% from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, there has been a net increase of 7%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. Siyathamman Koil Street's 2024 guideline value of Rs 1,600 per sq.ft is below this median.

• Siyathamman Nagar: Rs 2,700 per sq.ft (2024)
• Siyathamman Nagar Annex: Rs 2,700 per sq.ft (2024)
• Sivasakthi Nagar Tamil Street: Rs 2,900 per sq.ft (2024)
• SIVASAKTHI NAGAR (Near Water Canal Road): Rs 2,900 per sq.ft (2024)
• Sivasakthi Nagar Extension: Rs 2,900 per sq.ft (2024)
• Sokaiketha Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Siyathamman Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Siyathamman Koil Street?

The Siyathamman Koil Street falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Korattur, as it determines the minimum value at which a property can be registered. When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

During the registration process, the guideline value ensures that the property is assessed fairly for taxation purposes. It is crucial for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Siyathamman Koil Street?

The current guideline value of Siyathamman Koil Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for Siyathamman Koil Street?

The land classification for Siyathamman Koil Street is Residential Class III Type - III.

Where can I find the registration office for Siyathamman Koil Street?

The registration office for Siyathamman Koil Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Korattur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.