Guideline Value for Saraswathy Street

Saraswathy Street guideline value

The current guideline value of Saraswathy Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO, classified as Residential Special Type - II.

How the guideline value of Saraswathy Street has changed

The guideline value for Saraswathy Street has seen several revisions over the years. In 2002, the guideline value was Rs 1,312 per sq.ft, which increased significantly to Rs 3,335 per sq.ft in 2007. Following this, the value rose to Rs 8,000 per sq.ft in 2012, before dropping to Rs 5,360 per sq.ft in 2017. The most recent revision in 2023 set the value at Rs 8,000 per sq.ft, which then increased by 10% to Rs 8,800 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 571%. Notably, there are no figures available for the year 2003 in the register for this street.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, which is equal to the current value for Saraswathy Street.

• Sarojini Street: Rs 8,800 per sq.ft (2024)
• Sankar Avenue: Rs 10,400 per sq.ft (2024)
• Sankaranaiyar Street: Rs 8,800 per sq.ft (2024)
• Scheme Road (40 Feet): Rs 8,800 per sq.ft (2024)
• Scheme Road (70 Feet): Rs 11,500 per sq.ft (2024)
• School Lane: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, making the total fees together Rs 7,92,000. 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 detailed calculations.

Which Sub Registrar Office covers Saraswathy Street?

The Sub Registrar Office that covers Saraswathy Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value must be considered as it affects the overall cost of the transaction. Buyers should ensure that they are aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Saraswathy Street?

The current guideline value of Saraswathy Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,312 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 571% over the years.

Where can I find the registration office for Saraswathy Street?

The registration office for Saraswathy Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What are the stamp duty and registration fees for property in Saraswathy Street?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 88,00,000, the total fees would amount to Rs 7,92,000.

What is the land classification for Saraswathy Street?

Saraswathy Street is classified as Residential Special Type - II under the Chennai Central Joint II SRO.