Guideline Value for School 1st Street

School 1st Street guideline value

The current guideline value of School 1st Street in Virugambakkam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Virugambakkam SRO and is classified as Residential Class IV Type - I.

How the guideline value of School 1st Street has changed

The guideline value for School 1st Street has seen 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 rose significantly to Rs 500 per sq.ft in 2007, and then saw a substantial jump to Rs 3,000 per sq.ft in 2012. However, it dropped to Rs 2,010 per sq.ft in 2017 before increasing again to Rs 3,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Overall, the guideline value has increased by 1,298% from 2002 to 2024. Notably, there are no figures available for the revisions in years other than those specified above for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in the village is Rs 4,400 per sq.ft, and School 1st Street's 2024 figure is below this median.

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

Stamp duty and registration fee for property in School 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fee would be 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers School 1st Street?

The Sub Registrar Office that covers School 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in property transactions in Virugambakkam. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. Buyers should be aware that the guideline value is a key factor in calculating these costs.

When registering a property, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of School 1st Street?

The current guideline value of School 1st 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 increased from Rs 236 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1,298% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office is responsible for School 1st Street?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, is responsible for School 1st Street.

What is the land classification for School 1st Street?

School 1st Street is classified as Residential Class IV Type - I under the Virugambakkam SRO.