Guideline Value for School Street

School Street guideline value

The current guideline value of School Street in Kolathur village, under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of School Street has changed

Over the years, the guideline value of School Street has seen several revisions. The earliest revision available is from 2007, where the value was Rs 1,000 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, but then dropped to Rs 1,675 per sq.ft in 2017. Following this, the value rose to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024, marking an 8% increase from the previous year.

From 2007 to 2024, the overall increase in the guideline value is 170%. The changes between the revisions are as follows: from 2007 to 2012, there was a substantial increase of 150%, followed by a decrease of 33% from 2012 to 2017. The value then saw a significant rise of 49% from 2017 to 2023, culminating in the latest increase of 8% from 2023 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. School Street's current guideline value is below this median.

• S.B.M. School Road: Rs 2,200 per sq.ft (2024)
• Sathiya Sai Nagar: Rs 2,200 per sq.ft (2024)
• Selliamman Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Selliamman Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Selliamman Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Selliamman Nagar 4th Street: Rs 3,300 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 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. 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 Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property. It serves as a reference point for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation set by the government.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures transparency and fairness in property transactions, as it prevents undervaluation and ensures that the government receives the appropriate taxes on property sales.

Frequently asked questions

What is the current guideline value of School Street?

The current guideline value of School Street in Kolathur village is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of School Street has changed from Rs 1,000 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, showing an overall increase of 170% over this period.

What is the stamp duty for property transactions on School Street?

The stamp duty for property transactions on School Street is 7% of the guideline value or sale price, whichever is higher. For example, on a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles registrations for properties in School Street.

What is the land classification for School Street?

School Street falls under the Residential Class II Type - I land classification, indicating its designated use for residential purposes.