Guideline Value for Sami pillai street

Sami pillai street guideline value

The current guideline value of Sami pillai street is Rs 7,000 per sq.ft, effective from 1 July 2024. This street is located in Vepery village, under the Periamet Sub Registrar Office (SRO), and is classified as Commercial Class I Type - III.

How the guideline value of Sami pillai street has changed

In the 2007 revision, the guideline value for Sami pillai street was set at Rs 3,000 per sq.ft. This figure increased significantly in the 2012 revision to Rs 6,400 per sq.ft, marking a rise of 113%. However, in the 2017 revision, the value decreased to Rs 4,288 per sq.ft, reflecting a decline of 33%. The 2023 revision saw the value increase again to Rs 6,400 per sq.ft, and the latest revision in 2024 has set the guideline value at Rs 7,000 per sq.ft, which is an increase of 9% from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 133%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 4,800 per sq.ft, placing Sami pillai street's 2024 figure above that median.

• Saminathan Kiramani lane: Rs 4,800 per sq.ft (2024)
• Sami nathan Gramani Street: Rs 4,800 per sq.ft (2024)
• Sami MudaliStreet: Rs 6,000 per sq.ft (2024)
• Sami Lane: Rs 6,000 per sq.ft (2024)
• Salai Street: Rs 11,500 per sq.ft (2024)
• Sait Mohan lal sowcar street: Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Sami pillai street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,000 per sq.ft, the total guideline value would be Rs 70,00,000. The stamp duty at 7% would amount to Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, bringing the total to Rs 6,30,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sami pillai street?

The Sub Registrar Office that covers Sami pillai street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Vepery, as it determines the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, which are mandatory during the property transaction process.

When a buyer purchases a property, the guideline value ensures that the transaction is recorded at a fair price, preventing undervaluation. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from stamp duties.

Frequently asked questions

What is the current guideline value of Sami pillai street?

The current guideline value of Sami pillai street is Rs 7,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions: it was Rs 3,000 per sq.ft in 2007, increased to Rs 6,400 in 2012, decreased to Rs 4,288 in 2017, and returned to Rs 6,400 in 2023 before reaching Rs 7,000 in 2024.

What is the land classification of Sami pillai street?

Sami pillai street is classified as Commercial Class I Type - III, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Sami pillai street?

The Sub Registrar Office for Sami pillai street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for property in Sami pillai street?

The stamp duty is calculated based on the higher of the guideline value or the sale price. For instance, for a property valued at Rs 70,00,000, the stamp duty would be Rs 4,90,000 at a rate of 7%.