Guideline Value for SURAT BHAVAN STREET

Surat Bhavan Street guideline value

The current guideline value of Surat Bhavan Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village under the Purasaivakkam SRO, and it falls under the Residential Class V Type - II land classification.

How the guideline value of Surat Bhavan Street has changed

Over the years, the guideline value of Surat Bhavan Street has seen several revisions. The earliest recorded figure is from 2007, which was Rs 650 per sq.ft. This value increased significantly to Rs 2,000 per sq.ft in 2012, marking a 208% rise. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, a drop of 33%. The value then increased again to Rs 2,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for Surat Bhavan Street. Overall, from 2007 to 2024, the guideline value has increased by 238%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. Surat Bhavan Street's 2024 guideline value is below this median.

• Surat Bhavan Garden: Rs 2,200 per sq.ft (2024)
• Sunnambu Kalvai Cheri: Rs 2,200 per sq.ft (2024)
• Sundarlal Nahata Avenue: Rs 7,700 per sq.ft (2024)
• Sundaram Pillai Street: Rs 7,100 per sq.ft (2024)
• Sundaram Pillai Lane: Rs 7,100 per sq.ft (2024)
• Sylvan Lodge Colony: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Surat Bhavan 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, charged at 7%, would be Rs 1,54,000, and the registration fee, charged at 2%, would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Surat Bhavan Street?

The Sub Registrar Office that covers Surat Bhavan Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the minimum value at which property transactions must be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value helps in assessing the appropriate stamp duty and registration fees based on the property's value. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Surat Bhavan Street?

The current guideline value of Surat Bhavan 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 650 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 238% over this period.

What is the stamp duty rate for property transactions in Surat Bhavan Street?

The stamp duty rate for property transactions in Surat Bhavan Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Surat Bhavan Street?

The Sub Registrar Office for Surat Bhavan Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum value for property registration, which impacts the stamp duty and registration fees. It ensures that the government receives the appropriate revenue during property transactions.