Guideline Value for School 1st Cross Street

School 1st Cross Street guideline value

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

How the guideline value of School 1st Cross Street has changed

The guideline value for School 1st Cross 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 that, in 2007, the value rose significantly to Rs 500 per sq.ft, marking a 91% increase. The value then jumped to Rs 3,000 per sq.ft in 2012, a remarkable increase of 500%. However, it decreased to Rs 2,010 per sq.ft in 2017, reflecting a decline of 33%. The value was further adjusted to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1298%. There are no figures available for the revisions in years not mentioned in the register.

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 for School 1st Cross Street is below this median.

• School 1st 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 Cross 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 cost for these fees 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.

For more details on fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers School 1st Cross Street?

The Sub Registrar Office that covers School 1st Cross 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 a crucial factor in determining the stamp duty and registration fees. The guideline value is set by the registration department and serves as a benchmark for property transactions in the area.

At the time of registration, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives an appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value for School 1st Cross Street?

The current guideline value for School 1st Cross 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 for School 1st Cross Street?

School 1st Cross Street is classified as Residential Class IV Type - I, which indicates its intended use for residential purposes.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Where is the Sub Registrar Office for School 1st Cross Street located?

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