Guideline Value for SRIRAM PETTAI STREET

Sriram Pettai Street guideline value

The current guideline value of Sriram Pettai Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Government farm village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Sriram Pettai Street has changed

The guideline value for Sriram Pettai Street has seen several revisions over the years. The earliest recorded revision was in 2002, with a guideline value of Rs 1,099 per sq.ft. This increased to Rs 1,241 per sq.ft in 2003, marking a change of +13%. The value rose significantly to Rs 2,000 per sq.ft in 2007, which was an increase of +61%. In 2012, the value was recorded at Rs 3,500 per sq.ft, reflecting a substantial increase of +75% from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 2,345 per sq.ft, showing a decline of -33%. However, it rebounded to Rs 3,500 per sq.ft in 2023, representing a +49% increase. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, which is a +10% increase from the previous year.

Guideline values in Government farm

In Government farm village, there are 35 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 3,850 to Rs 15,400 per sq.ft. The median guideline value for these streets is Rs 8,250 per sq.ft, placing Sriram Pettai Street's 2024 figure below that median.

• Thadandar Nagar Government Quarters: Rs 5,830 per sq.ft (2024)
• Vetnary Hospital Road: Rs 9,350 per sq.ft (2024)
• West C.I.T. 3rd Main 1st Street: Rs 9,350 per sq.ft (2024)
• West C.I.T. 3rd Main 2nd Street: Rs 9,350 per sq.ft (2024)
• West C.I.T. Nagar 1st Cross Street: Rs 8,250 per sq.ft (2024)
• West C.I.T. Nagar 1st Main Road: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Sriram Pettai Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. 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 Sriram Pettai Street?

The Sub Registrar Office that covers Sriram Pettai 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 Government farm

The guideline value is a critical factor in the registration process for property transactions in Government farm. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for both the buyer and seller. It helps maintain transparency in property dealings and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sriram Pettai Street?

The current guideline value of Sriram Pettai Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,099 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 250% over the years.

What is the land classification of Sriram Pettai Street?

Sriram Pettai Street is classified as Residential Class IV Type - II.

What are the other streets in Government farm with their guideline values?

Other streets in Government farm include Thadandar Nagar Government Quarters at Rs 5,830 per sq.ft, Vetnary Hospital Road at Rs 9,350 per sq.ft, and several others with varying guideline values.

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

The Sub Registrar Office for Sriram Pettai Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.