Guideline Value for School Street

School Street guideline value

The current guideline value of School Street in Alamathi village, under the Redhills SRO, is Rs 990 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special 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, it was set at Rs 400 per sq.ft, which increased significantly to Rs 900 per sq.ft in 2012, marking a 125% rise. However, in 2017, the value dropped to Rs 603 per sq.ft, reflecting a decrease of 33%. The value then increased to Rs 900 per sq.ft in 2023, followed by a further increase to Rs 990 per sq.ft in 2024, which is a 10% rise from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 148%. It is important to note that there are no recorded figures for School Street in the years 2002 and 2003.

Guideline values in Alamathi

In Alamathi, there are 54 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft, with a median of Rs 550 per sq.ft. The guideline value for School Street is above this median.

• Selvaraj Nagar: Rs 550 per sq.ft (2024)
• Sakthi Nagar: Rs 550 per sq.ft (2024)
• Sakthi Garden: Rs 770 per sq.ft (2024)
• Sivanthi Athithanar Road: Rs 550 per sq.ft (2024)
• Rich Garden: Rs 550 per sq.ft (2024)
• Sri Balaji Garden: Rs 550 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 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would amount to Rs 69,300, and the registration fee at 2% would be Rs 19,800, making the total cost for these fees Rs 89,100. It is important to note that 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 further calculations.

Which Sub Registrar Office covers School Street?

The Sub Registrar Office that covers School Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Alamathi. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a property is registered, the guideline value is assessed to ensure that the appropriate taxes are levied. Buyers and sellers should be aware that the guideline value can influence the overall costs associated with property transactions.

Frequently asked questions

What is the current guideline value for School Street?

The current guideline value for School Street is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, with several revisions in between, including a peak of Rs 900 per sq.ft in 2023.

What is the land classification for School Street?

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

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property with a guideline value of Rs 9,90,000 would incur a stamp duty of Rs 69,300 at a rate of 7%.