Guideline Value for Sankaralingam Street

Sankaralingam Street guideline value

The current guideline value of Sankaralingam Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO and is classified as Residential Class II Type - II.

How the guideline value of Sankaralingam Street has changed

The guideline value for Sankaralingam Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 374 per sq.ft. This increased to Rs 409 per sq.ft in 2003, followed by a rise to Rs 550 per sq.ft in 2007. A significant jump occurred in 2012, where the value was recorded at Rs 3,500 per sq.ft, but this was followed by a decrease to Rs 2,345 per sq.ft in 2017.

In 2023, the guideline value rose to Rs 3,500 per sq.ft, and the latest revision in 2024 has set the value at Rs 3,850 per sq.ft, marking a 10% increase from the previous year. The overall change from 2002 to 2024 reflects a substantial increase of 929% in the guideline value for this street.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft in 2024. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Sankaralingam Street's 2024 figure below this median.

• Sannathi Street: Rs 4,950 per sq.ft (2024)
• Sampoornam Avenue (off Arcot Road): Rs 6,600 per sq.ft (2024)
• Saradambal Street: Rs 3,300 per sq.ft (2024)
• Saravana Colony - Sri Ramalu Street: Rs 4,950 per sq.ft (2024)
• Sastri Nagar: Rs 4,400 per sq.ft (2024)
• Sastri Street 1st Cross Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Sankaralingam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the 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 Sankaralingam Street?

The Sub Registrar Office that covers Sankaralingam 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 additional information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sankaralingam Street?

The current guideline value of Sankaralingam Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 374 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting a significant overall increase of 929% over the years.

What is the stamp duty rate for property in Sankaralingam Street?

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

Where is the Sub Registrar Office for Sankaralingam Street located?

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

What are the guideline values of other streets in Saligramam?

Other streets in Saligramam have varying guideline values, with rates ranging from Rs 2,750 to Rs 13,200 per sq.ft. For example, Sannathi Street has a guideline value of Rs 4,950 per sq.ft in 2024.