Guideline Value for Seethalakshmi Street

Seethalakshmi Street guideline value

The current guideline value of Seethalakshmi Street is Rs 880 per sq.ft, effective from 1 July 2024. This street is located in Gowrivakkam village, under the Selaiyur SRO, and is classified as Residential Class III Type - I.

How the guideline value of Seethalakshmi Street has changed

The guideline value for Seethalakshmi Street has seen several revisions over the years. In 2007, the value was Rs 200 per sq.ft, which increased significantly to Rs 700 per sq.ft in 2012, marking a rise of 250%. However, from 2012 to 2017, there was a decrease to Rs 469 per sq.ft, a drop of 33%. The value then rose again to Rs 700 per sq.ft in 2023, and most recently, it increased to Rs 880 per sq.ft in 2024, reflecting a 26% increase.

Overall, from 2007 to 2024, the guideline value has increased by 340%. It is important to note that the register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Gowrivakkam

In Gowrivakkam, there are 130 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 840 to Rs 3,750 per sq.ft, with a median value of Rs 2,200 per sq.ft. Seethalakshmi Street's 2024 figure of Rs 880 per sq.ft is below this median.

• Seethalakshmi Cross Street: Rs 880 per sq.ft (2024)
• Senthil Avenue: Rs 880 per sq.ft (2024)
• Santhi Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Santhi Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Santhi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Santhi Nagar 2nd street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Seethalakshmi Street

For a 1,000 sq.ft plot at the current rate of Rs 880 per sq.ft, the guideline value amounts to Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, totaling Rs 79,200. It is essential to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Seethalakshmi Street?

The Sub Registrar Office that covers Seethalakshmi Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Gowrivakkam. It is used to calculate the stamp duty and registration fees that are payable at the time of property registration.

When buying or selling property, the guideline value serves as a benchmark for determining the minimum value of the property for registration purposes. This ensures that the transaction is recorded at a value that reflects the prevailing rates in the area.

Frequently asked questions

What is the current guideline value of Seethalakshmi Street?

The current guideline value of Seethalakshmi Street is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 880 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

What is the registration fee for property in Seethalakshmi Street?

The registration fee for property in Seethalakshmi Street is calculated based on the guideline value. For example, for a plot valued at Rs 8,80,000, the registration fee would be Rs 17,600 at 2%.

Which office handles registrations for Seethalakshmi Street?

The Selaiyur Sub Registrar Office handles registrations for Seethalakshmi Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the significance of the guideline value?

The guideline value is significant as it determines the minimum value at which properties must be registered, impacting the stamp duty and registration fees payable during property transactions.