Guideline Value for Saibaba Colony 1st Cross Street

Saibaba Colony 1st Cross Street guideline value

The current guideline value of Saibaba Colony 1st Cross Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Special Type - II.

How the guideline value of Saibaba Colony 1st Cross Street has changed

Over the years, the guideline value for Saibaba Colony 1st Cross Street has seen significant changes. Starting from Rs 350 per sq.ft in 2002, the value increased to Rs 388 in 2003, marking an 11% rise. Following this, the value jumped to Rs 1,100 in 2007, which is a remarkable increase of 184%. The value then continued to rise to Rs 6,000 in 2012, a 445% increase from the previous revision. However, it decreased to Rs 4,020 in 2017, reflecting a 33% drop. The value then rose to Rs 6,000 in 2023, a 49% increase, and finally reached Rs 6,600 in 2024, representing a 10% increase.

There are no figures available for the revisions in years other than those mentioned. The overall change from 2002 to 2024 is an increase of 1,786% in the guideline value per sq.ft.

Guideline values in Virugambakkam

In Virugambakkam, 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, with a median value of Rs 4,400 per sq.ft. Saibaba Colony 1st Cross Street's guideline value of Rs 6,600 per sq.ft is above this median.

• Saibaba Colony 1st Street: Rs 6,600 per sq.ft (2024)
• Saibaba Colony 2nd Cross Street: Rs 6,600 per sq.ft (2024)
• Saibaba Colony 2nd Street: Rs 6,600 per sq.ft (2024)
• Saibaba Colony 3rd Cross Street: Rs 6,600 per sq.ft (2024)
• Saibaba Colony 3rd 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 1st Cross 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, totaling 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saibaba Colony 1st Cross Street?

The Sub Registrar Office that covers Saibaba Colony 1st Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, it is essential to consider the guideline value, as it influences the overall costs involved in the transaction. Buyers and sellers should be aware that the guideline value may differ from the sale price, and the higher amount will be used for calculating applicable duties and fees.

Frequently asked questions

What is the current guideline value of Saibaba Colony 1st Cross Street?

The current guideline value of Saibaba Colony 1st Cross 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, reflecting an overall increase of 1,786%.

What is the stamp duty rate for property transactions in Saibaba Colony 1st Cross Street?

The stamp duty rate for property transactions in Saibaba Colony 1st Cross Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Saibaba Colony 1st Cross Street located?

The Sub Registrar Office for Saibaba Colony 1st Cross Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Saibaba Colony 1st Cross Street?

Saibaba Colony 1st Cross Street is classified as Residential Special Type - II according to the land classification regulations.