Guideline Value for Saraswathi Street

Saraswathi Street guideline value

The current guideline value of Saraswathi Street in Chitlapakkam village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - III.

How the guideline value of Saraswathi Street has changed

The guideline value for Saraswathi Street has undergone several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 1,005 per sq.ft. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and further rose to Rs 1,650 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to 2023, the guideline value saw a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value increased by 10%. The register has no figures for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 1,650 per sq.ft, which aligns with the guideline value of Saraswathi Street.

• Saratha Avenue 3rd Street: Rs 1,650 per sq.ft (2024)
• Saratha Avenue 4th Street: Rs 1,650 per sq.ft (2024)
• Sarathambal Street: Rs 3,850 per sq.ft (2024)
• Sarathammal Nagar Ext: Rs 3,850 per sq.ft (2024)
• Sarathampal Street Ext: Rs 3,850 per sq.ft (2024)
• Saraswathi Nagar: Rs 2,750 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 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for stamp duty and registration would be Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can 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 Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the current market conditions. This process aids in maintaining transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value for Saraswathi Street?

The current guideline value for Saraswathi Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Saraswathi Street?

Saraswathi Street is classified as Residential Class I Type - III, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Saraswathi Street?

The Sub Registrar Office for Saraswathi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 16,50,000, the stamp duty at 7% would be Rs 1,15,500.