Guideline Value for Scheme Road (40 Feet)

Scheme Road (40 Feet) guideline value

The current guideline value of Scheme Road (40 Feet) is Rs 8,800 per sq.ft, effective from 1 July 2024. This road is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Scheme Road (40 Feet) has changed

The guideline value for Scheme Road (40 Feet) has seen several revisions over the years. In 2007, the value was set at Rs 3,000 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012. However, this figure dropped to Rs 5,360 per sq.ft in 2017. The 2023 revision marked a rise to Rs 8,000 per sq.ft, and the most recent revision in 2024 has increased it further to Rs 8,800 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%. The transition from 2012 to 2017 saw a decrease of 33%, while there was a substantial increase of 167% from 2007 to 2012. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Nungambakkam

Nungambakkam has a total of 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which aligns with the current figure for Scheme Road (40 Feet).

• Scheme Road (70 Feet): Rs 11,500 per sq.ft (2024)
• School Lane: Rs 7,100 per sq.ft (2024)
• School Road: Rs 7,100 per sq.ft (2024)
• Seetha Nagar 1st Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 2nd Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 3rd Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Scheme Road (40 Feet)

For a 1,000 sq.ft plot at the current rate of Rs 8,800 per sq.ft, the 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, bringing the total to Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Scheme Road (40 Feet)?

The Sub Registrar Office that covers Scheme Road (40 Feet) is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Nungambakkam. It is used to determine the stamp duty and registration fees payable at the time of property registration. Buyers and sellers should be aware that the guideline value may influence the overall cost of purchasing or selling a property.

When registering a property, the guideline value serves as a benchmark for the minimum value on which stamp duty is calculated. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Scheme Road (40 Feet)?

The current guideline value of Scheme Road (40 Feet) 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 3,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 193% over the years.

What are the stamp duty and registration fees for properties on Scheme Road (40 Feet)?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which Sub Registrar Office is responsible for Scheme Road (40 Feet)?

The Chennai Central Joint II Sub Registrar Office is responsible for Scheme Road (40 Feet), located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Scheme Road (40 Feet)?

The land classification for Scheme Road (40 Feet) is Residential Special Type - II, indicating its designated use for residential purposes.