Guideline Value for SUBRAMANI SIVA STREET

Subramani Siva Street guideline value

The current guideline value of Subramani Siva Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village, falling under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Subramani Siva Street has changed

The guideline value for Subramani Siva Street has seen several revisions over the years. In 2012, the guideline value was set at Rs 2,500 per sq.ft, which decreased to Rs 1,675 per sq.ft in 2017. This marked a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has set the value at Rs 2,750 per sq.ft, an increase of 10% from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the guideline value register for this 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, positioning Subramani Siva Street above this median with its current value of Rs 2,750 per sq.ft.

• Suriya Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Suriya Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Suriya Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Suriya Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Sriram Street: Rs 2,200 per sq.ft (2024)
• Sriram Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Subramani Siva Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Subramani Siva Street?

The Sub Registrar Office covering Subramani Siva 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 plays a crucial role in the registration process when buying or selling property in Medavakkam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction.

When a property is being registered, the guideline value is considered to ensure that the transaction is recorded at a fair value. This helps in maintaining transparency in property transactions and ensures that all parties comply with the legal requirements.

Frequently asked questions

What is the current guideline value of Subramani Siva Street?

The current guideline value of Subramani Siva Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Subramani Siva Street?

The land classification for Subramani Siva Street is Commercial Class I Type - III.

Where is the Sub Registrar Office located?

The Sub Registrar Office for Subramani Siva Street is 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 Medavakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at 7%.