Guideline Value for Second street

Second street guideline value

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

How the guideline value of Second street has changed

In the 2017 revision, the guideline value for Second street was Rs 37 per sq.ft. This figure saw a significant increase to Rs 100 per sq.ft in the 2023 revision, marking a 170% rise. The 2024 revision has further increased the guideline value to Rs 101 per sq.ft, which represents a 1% increase from the previous year.

The register has no figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 173%.

Guideline values in Thandarai-1

In Thandarai-1, 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 for these streets is Rs 101 per sq.ft, which is the same as the guideline value for 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, bringing the total cost together to Rs 9,090. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

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. To find your local SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Thandarai-1

The guideline value is a crucial factor during the registration of property transactions in Thandarai-1. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value acts as a reference point for both parties involved in the transaction. It is essential for buyers to be aware of the guideline value to understand the costs associated with the registration process.

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 has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 37 per sq.ft in 2017 to Rs 100 per sq.ft in 2023, and then to Rs 101 per sq.ft in 2024.

What is the land classification for Second street?

Second street is classified as Residential Class II Type - I, indicating its designation for residential purposes.

Where is the Sub Registrar Office located?

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

How is stamp duty calculated for properties in Second street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the guideline value of Rs 101 per sq.ft, the total stamp duty would be Rs 7,070.