Guideline Value for Sanmugam Street

Sanmugam Street guideline value

The current guideline value of Sanmugam Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Sanmugam Street has changed

The guideline value of Sanmugam Street has seen several revisions over the years. Starting from Rs 532 per sq.ft in 2002, it increased to Rs 589 per sq.ft in 2003, marking an 11% rise. In 2007, the value surged to Rs 750 per sq.ft, reflecting a 27% increase. The value then experienced a significant jump to Rs 3,000 per sq.ft in 2012, which was a 300% increase. However, it dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and finally reached Rs 3,300 per sq.ft in the 2024 revision, a 10% increase from the previous year.

There are no figures available for the revisions in years other than those listed. The overall change from 2002 to 2024 reflects a substantial increase of 520% in the guideline value.

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. The median value for these streets is Rs 4,400 per sq.ft, placing Sanmugam Street's 2024 figure below that median.

• Santhanam Street: Rs 3,300 per sq.ft (2024)
• Sanjay Gandhi Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Sanjay Gandhi Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Sanjay Gandhi Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Sanjay Gandhi Nagar: Rs 3,850 per sq.ft (2024)
• Sangareeshwari Nagar 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sanmugam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fee would be Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sanmugam Street?

The Sub Registrar Office that covers Sanmugam 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 in the registration process of property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall transaction costs. Buyers should ensure that the sale price is not significantly lower than the guideline value to avoid complications during registration.

Frequently asked questions

What is the current guideline value of Sanmugam Street?

The current guideline value of Sanmugam Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 532 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 520%.

What is the median guideline value of streets in Virugambakkam?

The median guideline value for streets in Virugambakkam is Rs 4,400 per sq.ft, with Sanmugam Street's 2024 figure being below this median.

What are the stamp duty rates for property in Sanmugam Street?

The stamp duty for property in Sanmugam Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Sanmugam Street located?

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