Guideline Value for Seenivasan Street

Seenivasan Street guideline value

The current guideline value of Seenivasan Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO and falls under the Residential Class III Type - I land classification.

How the guideline value of Seenivasan Street has changed

The guideline value for Seenivasan Street has undergone several revisions over the years. In 2002, the value was set at Rs 698 per sq.ft, and it increased to Rs 763 per sq.ft in 2003, marking a rise of 9%. By 2007, the value saw a significant increase to Rs 850 per sq.ft, which was an 11% change. The 2012 revision saw the guideline value rise to Rs 3,000 per sq.ft, representing a substantial increase of 253% from the previous figure. However, in 2017, the value decreased to Rs 2,010 per sq.ft, a decline of 33%.

In the subsequent revisions, the guideline value increased again, with a jump to Rs 3,000 per sq.ft in 2023, reflecting a 49% rise from 2017. The latest revision in 2024 set the value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year. There are no figures available for the revisions in years other than those listed.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, positioning Seenivasan Street's 2024 figure below that median.

• Satya Garden - V.V. Giri Street: Rs 5,500 per sq.ft (2024)
• Satya Garden - Nehru Street: Rs 5,500 per sq.ft (2024)
• Satya Garden - M.G.Chakkarapani Street: Rs 5,500 per sq.ft (2024)
• Satya Garden - Lal Bahadur Sastri Street: Rs 5,500 per sq.ft (2024)
• Satya Garden - Kamaraj Street: Rs 5,500 per sq.ft (2024)
• Satya Garden - Kakkan Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Seenivasan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Seenivasan Street?

The Sub Registrar Office that covers Seenivasan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Saligramam. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. It serves as a reference point for the official valuation of the property.

During the registration at the Sub Registrar Office, the buyer must pay the applicable stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and in compliance with local regulations.

Frequently asked questions

What is the current guideline value of Seenivasan Street?

The current guideline value of Seenivasan Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 698 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 373% over the years.

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

Other streets in Saligramam include Satya Garden - V.V. Giri Street, Satya Garden - Nehru Street, Satya Garden - M.G.Chakkarapani Street, Satya Garden - Lal Bahadur Sastri Street, Satya Garden - Kamaraj Street, and Satya Garden - Kakkan Street, all with a guideline value of Rs 5,500 per sq.ft in 2024.

Where can I calculate stamp duty and registration fees?

You can calculate the stamp duty and registration fees using the stamp duty and registration fee calculator available online.

What is the role of the Sub Registrar Office in property transactions?

The Sub Registrar Office is responsible for registering property transactions and collecting applicable stamp duties and registration fees. It ensures that all transactions are recorded accurately and legally.