Guideline Value for Santhanam Street

Santhanam Street guideline value

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

How the guideline value of Santhanam Street has changed

The guideline value for Santhanam Street has undergone several revisions over the years. In 2002, the value was Rs 584 per sq.ft, which increased to Rs 647 per sq.ft in 2003, marking an 11% rise. The value saw a further increase of 16% to reach Rs 750 per sq.ft in 2007. By 2012, the guideline value rose significantly to Rs 3,000 per sq.ft, reflecting a 300% increase from the previous revision. However, it then decreased by 33% to Rs 2,010 per sq.ft in 2017. The value climbed again to Rs 3,000 per sq.ft in 2023, and finally, it stands at Rs 3,300 per sq.ft in the 2024 revision, representing a 10% increase from the previous year.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 465%. The register has no figures for the years not mentioned in the revisions.

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. The guideline value for Santhanam Street is below this median.

• Sanmugam 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 Santhanam 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, bringing the total fees together to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Santhanam Street?

The Sub Registrar Office that covers Santhanam 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 details.

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

The guideline value plays a crucial role during property transactions in Virugambakkam. It is used to determine the stamp duty and registration fees payable at the time of registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is compared with the sale price, and the higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Santhanam Street?

The current guideline value of Santhanam 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 584 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, representing a total increase of 465% over the years.

What is the median guideline value in Virugambakkam?

The median guideline value in Virugambakkam is Rs 4,400 per sq.ft, while Santhanam Street's guideline value is below this median.

What fees are associated with buying property in Santhanam Street?

For a property valued at the current guideline value, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Santhanam Street located?

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