Guideline Value for School 2nd Cross Street

School 2nd Cross Street guideline value

The current guideline value of School 2nd Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO, with a land classification of Residential Class IV Type - I.

How the guideline value of School 2nd Cross Street has changed

The guideline value for School 2nd Cross Street has seen significant changes over the years. In 2002, the value was Rs 236 per sq.ft. This increased to Rs 262 per sq.ft in 2003, marking an 11% rise. The value then jumped to Rs 500 per sq.ft in 2007, a substantial increase of 91%. By 2012, the value reached Rs 3,000 per sq.ft, reflecting a remarkable 500% increase from the previous revision. However, it saw a decrease of 33% to Rs 2,010 per sq.ft in 2017. The value then rose to Rs 3,000 per sq.ft in 2023, before reaching the current rate of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for the years not mentioned in the register for this street. 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 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 2nd Cross Street is below this median.

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

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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, making the total Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers School 2nd Cross Street?

The Sub Registrar Office that covers School 2nd 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 details.

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

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

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of School 2nd 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, reflecting an overall increase of 1298% over this period.

What is the land classification of School 2nd Cross Street?

School 2nd Cross Street is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for School 2nd Cross Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.