Guideline Value for School Road

School Road guideline value

The current guideline value of School Road in Peravallur village, under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of School Road has changed

The guideline value for School Road has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 1,000 per sq.ft. This increased significantly in the 2012 revision to Rs 2,500 per sq.ft, reflecting a 150% rise. However, the 2017 revision saw a decrease to Rs 1,675 per sq.ft, which was a decline of 33%. The value then rose again in the 2023 revision to Rs 2,500 per sq.ft, and finally, the current 2024 revision has increased it to Rs 2,700 per sq.ft, marking an 8% increase from the previous year.

It is important to note that the register has no figures for School Road for the years 2002 and 2003. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 170%.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,301 per sq.ft, indicating that the guideline value for School Road is below this median.

• Saraswati Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Samundeeswari Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Shanthi Street (Vetri Nagar Extension): Rs 3,301 per sq.ft (2024)
• Sambasiva Reddy Street: Rs 2,700 per sq.ft (2024)
• Sakthi Vinayagar Koil Street: Rs 3,301 per sq.ft (2024)
• Sakthivel Salai: Rs 3,301 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 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000. Thus, the total cost for these fees would be Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers School Road?

The Sub Registrar Office that covers School Road is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Peravallur. It serves as a benchmark for determining the minimum price at which properties can be registered. When a buyer and seller agree on a sale price, the registration office will use the guideline value to calculate applicable fees and taxes.

During the registration process, if the sale price exceeds the guideline value, the higher amount will be used for calculating stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of School Road?

The current guideline value of School Road is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 170%.

What is the land classification of School Road?

School Road is classified as Residential Class I Type - I, which indicates its suitability for residential development.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties on School Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,89,000.