Guideline Value for School Street

School Street guideline value

The current guideline value of School Street in Tambaram village is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class II Type - I.

How the guideline value of School Street has changed

The guideline value for School Street has undergone several revisions over the years. In 2002, the value was Rs 121 per sq.ft, which increased to Rs 150 per sq.ft in 2003, marking a 24% rise. By 2007, the value saw a significant jump to Rs 400 per sq.ft, representing a 167% increase. In 2012, the value was Rs 1,200 per sq.ft, showing a remarkable 200% increase from the previous revision. However, this was followed by a decrease to Rs 804 per sq.ft in 2017, which was a decline of 33%. The value then increased to Rs 1,200 per sq.ft in 2023, before reaching the current figure of Rs 1,320 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 991%. The register does not contain figures for any other years aside from those listed.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of School Street is below this median.

• Sathya Sai Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Seliamman Koil Street: Rs 3,300 per sq.ft (2024)
• Sapthagiri Nagar: Rs 2,200 per sq.ft (2024)
• Santhosh Nagar: Rs 1,320 per sq.ft (2024)
• Service Road(Maduravayul ByPass): Rs 3,300 per sq.ft (2024)
• Santhanam Avenue: Rs 3,800 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 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. 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 Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Tambaram

The guideline value is a crucial factor in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 121 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 991% over the years.

What is the classification of land on School Street?

School Street is classified as Residential Class II Type - I, indicating its use for residential purposes.

What is the median guideline value in Tambaram?

The median guideline value in Tambaram is Rs 3,300 per sq.ft, with School Street's current value being below this median.

Where is the Sub Registrar Office for School Street located?

The Sub Registrar Office for School Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.