Guideline Value for School Street

School Street guideline value

The current guideline value of School Street in Vallam village is Rs 750 per sq.ft, effective from 1 July 2024. This street falls under the Chengleput Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of School Street has changed

The guideline value for School Street has experienced several revisions over the years. In 2007, the value was Rs 173 per sq.ft, which saw a significant increase to Rs 750 per sq.ft in 2012, marking a rise of 334%. However, from 2012 to 2017, the value decreased to Rs 502 per sq.ft, a drop of 33%. The value then increased again to Rs 750 per sq.ft in 2023, maintaining the same rate in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%, and there was no change from 2023 to 2024, keeping the value steady at Rs 750 per sq.ft. The guideline value register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Vallam

In Vallam village, there are 30 streets under the Chengleput Joint I SRO with a 2024 guideline value ranging from Rs 750 to Rs 1,000 per sq.ft. The median value for these streets is Rs 1,000 per sq.ft, placing School Street's 2024 figure below this median.

• Selvam Nagar: Rs 800 per sq.ft (2024)
• Shanthi Nagar: Rs 1,000 per sq.ft (2024)
• Sabari Nagar: Rs 850 per sq.ft (2024)
• Sree Nagar: Rs 850 per sq.ft (2024)
• Sri AathiBakavathi Nagar: Rs 800 per sq.ft (2024)
• Sri Balaji nagar: Rs 850 per sq.ft (2024)

Stamp duty and registration fee for property in School Street

For a 1,000 sq.ft plot at the current guideline value of Rs 750 per sq.ft, the total guideline value amounts to Rs 7,50,000. The stamp duty at 7% would be Rs 52,500, and the registration fee at 2% would be Rs 15,000, totaling Rs 67,500. It is important to 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 details.

Which Sub Registrar Office covers School Street?

The Sub Registrar Office that covers School Street is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Vallam, as it determines the minimum value at which a property can be registered. During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

When buying or selling property, it is essential to be aware of the guideline value, as it influences the overall costs involved in the transaction. Buyers should ensure that the sale price is at least equal to or greater than the guideline value to avoid any complications during registration.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School Street is Rs 750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent being Rs 750 per sq.ft in both 2023 and 2024. It was Rs 502 per sq.ft in 2017 and Rs 173 per sq.ft in 2007, among other revisions.

What is the median guideline value in Vallam?

The median guideline value for streets in Vallam is Rs 1,000 per sq.ft, with School Street's current value being below this median.

What are the stamp duty and registration fees for a property in School Street?

For a 1,000 sq.ft property at the current guideline value, the total guideline value is Rs 7,50,000. The stamp duty would be Rs 52,500, and the registration fee would be Rs 15,000, totaling Rs 67,500.

Which office handles the registration for School Street?

The Chengleput Joint I Sub Registrar Office handles the registration for School Street, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.