Guideline Value for School Road

School Road guideline value

The current guideline value of School Road in Nungambakkam village is Rs 7,100 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of School Road has changed

The guideline value for School Road has seen several revisions over the years. In 2002, the value was Rs 1,026 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2007, marking a rise of 95%. The value then jumped to Rs 6,500 per sq.ft in 2012, reflecting a 225% increase. However, it dropped to Rs 4,355 per sq.ft in 2017, a decrease of 33%. The most recent revision in 2023 set the value at Rs 6,500 per sq.ft, which then increased by 9% to the current rate of Rs 7,100 per sq.ft as of 2024.

Overall, from 2002 to 2024, the guideline value has increased by 592%. Notably, there is no figure available for the year 2003 for this street in the register.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, placing School Road's 2024 guideline value below this median.

• School Lane: Rs 7,100 per sq.ft (2024)
• Scheme Road (70 Feet): Rs 11,500 per sq.ft (2024)
• Scheme Road (40 Feet): Rs 8,800 per sq.ft (2024)
• Seetha Nagar 1st Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 2nd Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 3rd Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in School Road

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty, charged at 7%, would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000. Together, the total cost for these fees would be Rs 6,39,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers School Road?

The Sub Registrar Office that covers School Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Nungambakkam. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of property transactions. This ensures that both parties are informed and prepared for the financial obligations associated with the sale or purchase of property.

Frequently asked questions

What is the current guideline value of School Road?

The current guideline value of School Road is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,026 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 592%.

What are the stamp duty and registration fees for a property on School Road?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which Sub Registrar Office covers School Road?

The Chennai Central Joint II Sub Registrar Office covers School Road, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the land classification for School Road?

School Road is classified as Residential Class II Type - I, indicating its designation for residential use within the Nungambakkam area.