Guideline Value for School 3rd Cross Street

School 3rd Cross Street guideline value

The current guideline value of School 3rd 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. The land classification for this area is Residential Class IV Type - I.

How the guideline value of School 3rd Cross Street has changed

The guideline value for School 3rd Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 236 per sq.ft. This figure increased to Rs 262 per sq.ft in 2003, marking an 11% rise. The value continued to rise significantly, reaching Rs 500 per sq.ft in 2007, which was a 91% increase from the previous year. By 2012, the value was Rs 3,000 per sq.ft, reflecting a 500% increase from 2007. However, it then decreased to Rs 2,010 per sq.ft in 2017, a drop of 33% compared to 2012. The value increased again to Rs 3,000 per sq.ft in 2023, followed by a 10% rise to the current value of Rs 3,300 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 1,298%. There are no figures for any revisions other than those listed 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 the median value being Rs 4,400 per sq.ft. The guideline value for School 3rd Cross Street is below this median.

• 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)
• 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 3rd Cross Street

For a 1,000 sq.ft plot at the current rate, the guideline value is 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, totaling Rs 2,97,000. 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 3rd Cross Street?

The Sub Registrar Office that covers School 3rd 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

The guideline value is a crucial factor in property transactions in Virugambakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with legal requirements.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This means that even if the sale price is lower than the guideline value, the duty will be calculated based on the guideline value, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of School 3rd Cross Street?

The current guideline value of School 3rd 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 1,298% over this period.

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

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 2,97,000, based on the current guideline value of Rs 33,00,000.

Which Sub Registrar Office is responsible for School 3rd Cross Street?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, is responsible for this street.

What is the land classification for School 3rd Cross Street?

The land classification for School 3rd Cross Street is Residential Class IV Type - I, indicating its use for residential purposes.