Guideline Value for School Street

School Street guideline value

The current guideline value of School Street in Perungalathur village, under the Padappai SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - II.

How the guideline value of School Street has changed

The guideline value for School Street has seen several revisions over the years. In 2007, the value was set at Rs 250 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012. However, in 2017, the value dropped to Rs 1,005 per sq.ft, before rising again to Rs 1,500 per sq.ft in 2023. The most recent revision in 2024 has set the value at Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 560%. Notably, there are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO, with guideline values ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,310 per sq.ft, placing School Street's 2024 figure below this median.

• Sayilakshmi Theru: Rs 1,650 per sq.ft (2024)
• Secretariate Colony: Rs 1,650 per sq.ft (2024)
• Sathiya Moorthy Street (1 to 5): Rs 2,640 per sq.ft (2024)
• Sekar Apartments: Rs 2,310 per sq.ft (2024)
• Sekar Theru: Rs 2,310 per sq.ft (2024)
• Sathiya Moorthy Lane: Rs 2,310 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 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers School Street?

The Sub Registrar Office that covers School Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Perungalathur. It determines the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value for taxation purposes.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are essential costs that buyers must consider. These fees are based on the higher of the guideline value or the actual sale price, ensuring 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 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting a total increase of 560% over the years.

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

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which Sub Registrar Office covers School Street?

The Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone, covers School Street.

What is the median guideline value in Perungalathur?

The median guideline value for streets in Perungalathur is Rs 2,310 per sq.ft, which is higher than the current guideline value of School Street.