Guideline Value for School Street

School Street guideline value

The current guideline value of School Street in Soorapattu village, under the Ambattur SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of School Street has changed

The guideline value of School Street has seen several revisions over the years. In 2012, the value was set at Rs 1,000 per sq.ft, which then decreased to Rs 670 per sq.ft in 2017. Following this, the value rose significantly to Rs 1,000 per sq.ft in 2023, marking a 49% increase from the previous revision. The most recent revision in 2024 has further increased the guideline value to Rs 1,100 per sq.ft, reflecting a 10% rise from 2023.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for School Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Soorapattu

In Soorapattu, there are 115 streets under the Ambattur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 5,100 per sq.ft. The median guideline value for the area is Rs 1,300 per sq.ft, indicating that School Street's 2024 value is below this median.

• Selvakumaran Nagar: Rs 2,100 per sq.ft (2024)
• Senthil Nagar: Rs 1,300 per sq.ft (2024)
• Shanmugapuram Gamled: Rs 1,300 per sq.ft (2024)
• Samuga Koodam Street: Rs 1,200 per sq.ft (2024)
• S I S Capetown: Rs 3,400 per sq.ft (2024)
• S I S Capetown Phase-II: Rs 3,400 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 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total cost to Rs 99,000. 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 Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial reference point during property transactions in Soorapattu. It is used to determine the stamp duty and registration fees applicable when buying or selling property in the area, ensuring that the transaction is recorded accurately in the official registers.

When a property is sold, the guideline value helps in establishing the minimum value for taxation purposes. This ensures that both buyers and sellers are aware of the financial obligations involved in the property transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School Street is Rs 1,100 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 2012 to Rs 670 per sq.ft in 2017, then increased to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

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

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 11,00,000. The stamp duty would be Rs 77,000, and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which Sub Registrar Office covers School Street?

The Ambattur Sub Registrar Office covers School Street, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

What other streets in Soorapattu have guideline values?

Other streets in Soorapattu include Selvakumaran Nagar at Rs 2,100 per sq.ft, Senthil Nagar and Shanmugapuram Gamled both at Rs 1,300 per sq.ft, Samuga Koodam Street at Rs 1,200 per sq.ft, and S I S Capetown and S I S Capetown Phase-II both at Rs 3,400 per sq.ft.