Guideline Value for Saibaba Colony 2nd Street

Saibaba Colony 2nd Street guideline value

The current guideline value of Saibaba Colony 2nd Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam Sub Registrar Office (SRO). The land classification for this area is Residential Special Type - II.

How the guideline value of Saibaba Colony 2nd Street has changed

The guideline value for Saibaba Colony 2nd Street has seen significant changes over the years. In 2002, the guideline value was Rs 350 per sq.ft. This figure increased to Rs 388 per sq.ft in 2003, marking an 11% rise. The value then surged to Rs 1,100 per sq.ft in 2007, representing a substantial 184% increase. By 2012, the value was Rs 6,000 per sq.ft, reflecting a remarkable 445% increase from the previous revision. However, this value dropped to Rs 4,020 per sq.ft in 2017, which was a decrease of 33%.

In 2023, the guideline value rose to Rs 6,000 per sq.ft, and then increased by 10% to reach the current value of Rs 6,600 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 1786% for Saibaba Colony 2nd Street.

Guideline values in Virugambakkam

In Virugambakkam village, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, indicating that Saibaba Colony 2nd Street's 2024 figure of Rs 6,600 per sq.ft is above the median.

• Saibaba Colony 2nd Cross Street: Rs 6,600 per sq.ft (2024)
• Saibaba Colony 3rd Cross Street: Rs 6,600 per sq.ft (2024)
• Saibaba Colony 1st Street: Rs 6,600 per sq.ft (2024)
• Saibaba Colony 3rd Street: Rs 6,600 per sq.ft (2024)
• Saibaba Colony 1st Cross Street: Rs 6,600 per sq.ft (2024)
• Sai Baba Colony Main Road: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Saibaba Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees together to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saibaba Colony 2nd Street?

Saibaba Colony 2nd Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property registration in Virugambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers often use this value to ensure that the property transaction is compliant with local regulations.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Saibaba Colony 2nd Street?

The current guideline value of Saibaba Colony 2nd Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 350 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 1786%.

What is the land classification for Saibaba Colony 2nd Street?

Saibaba Colony 2nd Street is classified as Residential Special Type - II.

Where can I find the Virugambakkam Sub Registrar Office?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 5,94,000.