Guideline Value for SUBBULAKSHMI STREET

Subbulakshmi Street guideline value

The current guideline value of Subbulakshmi Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nemilicherry village, under the Pallavaram SRO, and is classified as Residential Class I Type - III.

How the guideline value of Subbulakshmi Street has changed

In the 2012 revision, the guideline value was set at Rs 2,200 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 1,474 per sq.ft, marking a decline of 33%. The subsequent 2023 revision saw a significant increase to Rs 2,000 per sq.ft, which was a rise of 36% from the previous figure. The latest 2024 revision has further increased the guideline value to Rs 2,200 per sq.ft, representing a 10% increase from the 2023 figure.

The register has no figures for the years 2002, 2003, and 2007 regarding this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value is Rs 2,160 per sq.ft, and Subbulakshmi Street's 2024 figure is above this median.

• Subash Nagar,Visweswaran Street: Rs 2,200 per sq.ft (2024)
• Subash Nagar Main Road: Rs 2,200 per sq.ft (2024)
• SSP Nagar: Rs 2,160 per sq.ft (2024)
• Teacher Colony: Rs 2,200 per sq.ft (2024)
• Srinivasa Street: Rs 2,200 per sq.ft (2024)
• Thirukkural Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Subbulakshmi Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, leading to a total of 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 details.

Which Sub Registrar Office covers Subbulakshmi Street?

The Sub Registrar Office that covers Subbulakshmi Street is located at Pallavaram Sub Registrar Office, 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value impacts the calculation of stamp duty and registration fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Subbulakshmi Street?

The current guideline value of Subbulakshmi 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 seen several changes, with the most recent revision in 2024 increasing it to Rs 2,200 per sq.ft from Rs 2,000 per sq.ft in 2023, marking a 10% increase.

What is the land classification for Subbulakshmi Street?

Subbulakshmi Street is classified as Residential Class I Type - III, indicating its designation for residential use within the area.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Subbulakshmi Street is located at Pallavaram Sub Registrar Office, 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for property transactions?

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