Guideline Value for SRIRAM CROSS STREET

Sriram Cross Street guideline value

The current guideline value of Sriram Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village, under the Chennai South Joint I SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Sriram Cross Street has changed

The guideline value for Sriram Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% increase from 2017. The latest 2024 revision has further increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% rise from the previous year.

It is important to note that the register does not have figures for the years 2002, 2003, and 2007 for Sriram Cross Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is the same as the current value for Sriram Cross Street.

• Sriram Street: Rs 2,200 per sq.ft (2024)
• Sri Devi Karumariamman Nagar: Rs 1,870 per sq.ft (2024)
• Subramani Siva Street: Rs 2,750 per sq.ft (2024)
• Sri Bhavani Amman Avenue: Rs 1,870 per sq.ft (2024)
• Sri Baba Nagar Main Raod: Rs 2,200 per sq.ft (2024)
• Sri Baba Nagar 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sriram Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to 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 detailed calculations.

Which Sub Registrar Office covers Sriram Cross Street?

The Sub Registrar Office that covers Sriram Cross 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 further assistance.

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

The guideline value is a crucial factor in property transactions in Medavakkam. It serves as the minimum value for property registration, ensuring that properties are not sold below this benchmark. When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation.

Buyers and sellers should be aware that the guideline value can impact the overall cost of purchasing a property. It is advisable to check the latest guideline values before proceeding with any transactions to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sriram Cross Street?

The current guideline value of Sriram Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Sriram Cross Street?

Sriram Cross Street falls under the Residential Class I Type - I land classification.

Where can I find the Sub Registrar Office for Sriram Cross Street?

The Sub Registrar Office for Sriram Cross 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.

How is stamp duty calculated for properties in Sriram Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 1,54,000.