Guideline Value for School Street

School Street guideline value

The current guideline value of School 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 School Street has changed

The guideline value for School Street has undergone several revisions over the years. In 2002, the value was Rs 236 per sq.ft, which increased to Rs 262 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 500 per sq.ft in 2007, and then it jumped to Rs 3,000 per sq.ft in 2012. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft. The value then increased to Rs 3,000 per sq.ft in 2023, and the most recent revision set the value at Rs 3,300 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. There was a substantial rise of 49% from 2017 to 2023. The value dropped by 33% from 2012 to 2017, and there was a remarkable increase of 500% from 2007 to 2012. The value also rose by 91% from 2003 to 2007, and by 11% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1298%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a guideline value for 2024, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, making the guideline value of School Street below this median.

• School Road (School View Street): Rs 3,300 per sq.ft (2024)
• School 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• School 2nd Street: Rs 3,300 per sq.ft (2024)
• School 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• School 1st Street: Rs 3,300 per sq.ft (2024)
• School 1st Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in School 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.

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

Which Sub Registrar Office covers School Street?

The Sub Registrar Office that covers School Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

When buying or selling property in Virugambakkam, the guideline value plays a crucial role during the registration process. The buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline values, as they can significantly impact the overall cost of property transactions. Proper understanding of these values helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School 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 236 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, with various increments and decrements in between.

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

For a 1,000 sq.ft plot, the total stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000 based on the current guideline value.

Which Sub Registrar Office covers School Street?

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

What is the land classification of School Street?

School Street is classified as Residential Class IV Type - I, which is important for understanding the zoning and development regulations in the area.