Guideline Value for SRIRAM STREET

Sriram Street guideline value

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

How the guideline value of Sriram Street has changed

The guideline value for Sriram Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the guideline value to Rs 2,000 per sq.ft, and the latest revision in 2024 raised it to Rs 2,200 per sq.ft.

In terms of percentage changes, the value increased by 10% from 2023 to 2024. There was a significant increase of 49% from 2017 to 2023. However, from 2012 to 2017, the value decreased by 33%. 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 value is Rs 2,200 per sq.ft, which is equal to the current guideline value of Sriram Street.

• Sriram Cross Street: Rs 2,200 per sq.ft (2024)
• Subramani Siva Street: Rs 2,750 per sq.ft (2024)
• Sri Devi Karumariamman Nagar: Rs 1,870 per sq.ft (2024)
• Sri Bhavani Amman Avenue: Rs 1,870 per sq.ft (2024)
• Sri Baba Nagar Main Road: 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 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, totaling Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sriram Street?

The Sub Registrar Office covering Sriram 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 an essential factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price. The higher of the two is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Sriram Street?

The current guideline value of Sriram 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 Street?

Sriram Street is classified as Residential Class I Type - I according to the Chennai South Joint I SRO guidelines.

What are the other streets in Medavakkam with similar guideline values?

Other streets in Medavakkam with a guideline value of Rs 2,200 per sq.ft include Sriram Cross Street, Sri Baba Nagar Main Road, and Sri Baba Nagar 3rd Street.

How is stamp duty calculated for properties in Sriram Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.