Guideline Value for Second street

Second street guideline value

The current guideline value of Second street in Thandarai village is Rs 101 per sq.ft, effective from 1 July 2024. This area falls under the Salavakkam SRO and is classified as Residential Class II Type - I.

How the guideline value of Second street has changed

The guideline value for Second street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 55 per sq.ft, which then increased to Rs 37 per sq.ft in 2017. Following this, there was a significant rise to Rs 100 per sq.ft in the 2023 revision, and the current value is Rs 101 per sq.ft from the 2024 revision, marking a 1% increase from the previous year.

Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street. The overall change from the 2012 revision to the current 2024 value reflects an increase of 84%.

Guideline values in Thandarai

In Thandarai, there are five streets under the Salavakkam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 102 per sq.ft. The median value is Rs 101 per sq.ft, which aligns with the current value of Second street.

• Pillaiyarkovil street: Rs 100 per sq.ft (2024)
• Turgai amman street: Rs 102 per sq.ft (2024)
• First street: Rs 101 per sq.ft (2024)
• Ambedkar street: Rs 102 per sq.ft (2024)

Stamp duty and registration fee for property in Second street

For a 1,000 sq.ft plot at the current guideline value of Rs 101 per sq.ft, the total guideline value would be Rs 1,01,000. The stamp duty at 7% would amount to Rs 7,070, and the registration fee at 2% would be Rs 2,020, making the total cost for these fees Rs 9,090. 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 the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Second street?

The Sub Registrar Office that covers Second street is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more details.

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

When buying or selling property in Thandarai, the guideline value is a crucial factor during the registration process. It serves as a reference point to determine the applicable stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

Understanding the guideline value helps ensure compliance with local regulations and provides clarity on the financial obligations involved in property transactions. It is advisable for buyers and sellers to be aware of the current guideline value to make informed decisions.

Frequently asked questions

What is the current guideline value of Second street?

The current guideline value of Second street is Rs 101 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 55 per sq.ft in 2012 to Rs 101 per sq.ft in 2024, reflecting an overall increase of 84% over this period.

What are the other streets in Thandarai with their guideline values?

Other streets in Thandarai include Pillaiyarkovil street at Rs 100 per sq.ft, Turgai amman street at Rs 102 per sq.ft, First street at Rs 101 per sq.ft, and Ambedkar street at Rs 102 per sq.ft, all for the year 2024.

How is stamp duty calculated for property in Second street?

Stamp duty for property in Second street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a stamp duty of Rs 7,070 based on the current guideline value.

Where can I find the Sub Registrar Office for Second street?

The Sub Registrar Office covering Second street is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.