Guideline Value for School Street

School Street guideline value

The current guideline value of School Street in Zaminpallavaram village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram Sub Registrar Office and is classified as Residential Class I Type - II.

How the guideline value of School Street has changed

The guideline value for School Street has undergone several revisions over the years. In 2003, the value was Rs 587 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking a significant rise of 70%. The value then surged to Rs 3,000 per sq.ft in 2012, reflecting a remarkable 200% increase from the previous revision. However, in 2017, the value decreased to Rs 2,010 per sq.ft, a decline of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 462%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value is Rs 3,300 per sq.ft, which is the same as the guideline value for School Street.

• Sathyamurthy Street: Rs 2,160 per sq.ft (2024)
• Sasthiri Colony 2nd Street 1 To 4 Lanes: Rs 2,750 per sq.ft (2024)
• Sasthiri Colony 2nd Street: Rs 2,750 per sq.ft (2024)
• Sasthiri Colony 1st Street 1 To 4 Lanes: Rs 2,750 per sq.ft (2024)
• Sasthiri Colony: Rs 2,750 per sq.ft (2024)
• Sastha Nagar: Rs 2,750 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is important to note that the 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 Street?

The Sub Registrar Office that covers School Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of property transactions in Zaminpallavaram. When buying or selling a property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that both parties are aware of the financial obligations involved in the transaction.

It is essential for buyers and sellers to be informed about the current guideline value as it directly affects the costs associated with property registration. This value serves as a benchmark for the legal documentation process and helps maintain transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School 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 587 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 462% over this period.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles registrations for properties in Zaminpallavaram?

The Pallavaram Sub Registrar Office handles registrations for properties in Zaminpallavaram, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department's guideline value register and reflects the market conditions and land classification for specific areas.