Guideline Value for School Street

School Street guideline value

The current guideline value of School Street in Nallur village is Rs 770 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class I 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 2007, the value was Rs 400 per sq.ft, which increased to Rs 700 per sq.ft in 2012. However, it then decreased to Rs 469 per sq.ft in 2017. The 2023 revision saw a significant increase to Rs 700 per sq.ft, followed by a further rise to Rs 770 per sq.ft in 2024.

Between the revisions, there were notable changes. The value increased by 75% from 2007 to 2012, then decreased by 33% from 2012 to 2017. The value surged by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 93%.

Guideline values in Nallur

Nallur village has 39 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,650 per sq.ft, with a median value of Rs 550 per sq.ft. School Street's 2024 figure of Rs 770 per sq.ft is above this median.

• Selva Vinayagar Koil 1st Cross Street: Rs 770 per sq.ft (2024)
• Selva Vinayagar Koil 2nd Cross Street: Rs 770 per sq.ft (2024)
• Sharmila Diya Garden: Rs 440 per sq.ft (2024)
• Sri Anandavalli Street: Rs 770 per sq.ft (2024)
• P.W.D. Bangalamedu 4th Street: Rs 550 per sq.ft (2024)
• P.W.D. Bangalamedu 3rd Street: 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 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty at 7% would amount to Rs 53,900, and the registration fee at 2% would be Rs 15,400, resulting in a total of Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers School Street?

School Street is covered by 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 details.

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

The guideline value is a crucial factor in property transactions in Nallur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate these fees, which are necessary for the legal transfer of ownership. Buyers should be aware that the stamp duty is charged on the higher of the guideline value and the sale price.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School Street is Rs 770 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 770 per sq.ft in 2024, reflecting an overall increase of 93% since 2007.

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

For a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900, and the registration fee would be Rs 15,400, totaling Rs 69,300.

Which authority governs the guideline values in Nallur?

The guideline values in Nallur are governed by the Registration Department, and the relevant office for School Street is the Redhills Sub Registrar Office.

What is the median guideline value for streets in Nallur?

The median guideline value for streets in Nallur is Rs 550 per sq.ft, with School Street's current value of Rs 770 per sq.ft being above this median.