Guideline Value for School 2nd Street

School 2nd Street guideline value

The current guideline value of School 2nd Street in Virugambakkam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This property falls under the jurisdiction of the Virugambakkam SRO and is classified as Residential Class IV Type - I.

How the guideline value of School 2nd Street has changed

The guideline value for School 2nd Street has seen several revisions over the years. In 2002, the guideline 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, marking an increase of 91%. The value then saw a dramatic rise to Rs 3,000 per sq.ft in 2012, which was a 500% increase from the previous revision. However, it decreased to Rs 2,010 per sq.ft in 2017, reflecting a decline of 33%. The guideline value then increased to Rs 3,000 per sq.ft in 2023, before reaching the current value of Rs 3,300 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1298%. There are no figures available for the revisions of the years not mentioned in the register 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, with a median value of Rs 4,400 per sq.ft. The guideline value of School 2nd Street is below this median.

• School 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• School 3rd 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)
• 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 2nd 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, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers School 2nd Street?

The Sub Registrar Office that covers School 2nd 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 more information.

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

When buying or selling property in Virugambakkam, the guideline value is an essential factor used during the registration process. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

At the time of registration, the guideline value is compared to the sale price of the property. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of School 2nd Street?

The current guideline value of School 2nd 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, showing an overall increase of 1298% over the years.

What is the land classification of School 2nd Street?

School 2nd Street is classified as Residential Class IV Type - I, which indicates its zoning for residential purposes.

What are the stamp duty and registration fees for a property in School 2nd Street?

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 handles registrations for School 2nd Street?

The Virugambakkam Sub Registrar Office at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, handles registrations for School 2nd Street.