Guideline Value for Saraswathi Street

Saraswathi Street guideline value

The current guideline value of Saraswathi Street in Porunthavakkam village is Rs 1,760 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Saraswathi Street has changed

The guideline value of Saraswathi Street has seen several revisions over the years. In 2003, the value was Rs 407 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The 2012 revision set the value at Rs 1,600 per sq.ft, but it dropped to Rs 1,072 per sq.ft in 2017. The 2023 revision saw a significant increase to Rs 1,600 per sq.ft, followed by the current value of Rs 1,760 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 332%. The register does not have a figure for the year 2002 for this street.

Guideline values in Porunthavakkam

In Porunthavakkam, there are 23 streets under the Pallavaram SRO that have a 2024 guideline value ranging from Rs 1,760 to Rs 4,950 per sq.ft, with a median value of Rs 2,420 per sq.ft. The guideline value for Saraswathi Street is below this median.

• Sathsangam Street: Rs 2,420 per sq.ft (2024)
• Sankaran Street: Rs 2,750 per sq.ft (2024)
• Senthuran Colony: Rs 3,300 per sq.ft (2024)
• Sabari Salai: Rs 3,300 per sq.ft (2024)
• Park Square Street: Rs 1,760 per sq.ft (2024)
• Nehru Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,760 per sq.ft, the total guideline value amounts to Rs 17,60,000. The stamp duty at 7% would be Rs 1,23,200, and the registration fee at 2% would be Rs 35,200, bringing the total cost for these fees to Rs 1,58,400. It is important to note that 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 Saraswathi Street?

The Sub Registrar Office that covers Saraswathi Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Porunthavakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per government standards.

When a buyer and seller agree on a sale price, the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Saraswathi Street?

The current guideline value of Saraswathi Street is Rs 1,760 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 407 per sq.ft in 2003 to Rs 1,760 per sq.ft in 2024, reflecting an overall increase of 332% over this period.

What are the stamp duty and registration fees for properties in Saraswathi Street?

For a property valued at Rs 17,60,000, the stamp duty would be Rs 1,23,200 and the registration fee would be Rs 35,200, totaling Rs 1,58,400.

Which office do I need to visit for property registration in Saraswathi Street?

The Pallavaram Sub Registrar Office is responsible for property registrations in Saraswathi Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties, ensuring that the transaction is recorded at a fair value. It is also the basis for calculating stamp duty and registration fees during property transactions.