Guideline Value for Selliamman Nagar 1st Street

Selliamman Nagar 1st Street guideline value

The current guideline value of Selliamman Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam Sub Registrar Office (SRO). The land classification for this area is Residential Class I Type - I.

How the guideline value of Selliamman Nagar 1st Street has changed

The guideline value for Selliamman Nagar 1st Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, this value decreased by 33% to Rs 2,010 per sq.ft in the 2017 revision. Following this, the guideline value rose to Rs 3,000 per sq.ft in 2023, and then further increased by 10% to the current value of Rs 3,300 per sq.ft in 2024.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 230%.

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 the median being Rs 3,300 per sq.ft. The guideline value of Selliamman Nagar 1st Street matches this median value.

• 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)
• Selliamman Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Selliamman Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Selliamman Nagar Extension: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Selliamman Nagar 1st 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, making the total cost Rs 2,97,000. 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 Selliamman Nagar 1st Street?

The Sub Registrar Office that covers Selliamman Nagar 1st Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property in Kolathur. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a benchmark for both parties. It is essential to be aware of this value to ensure compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value of Selliamman Nagar 1st Street?

The current guideline value of Selliamman Nagar 1st 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 from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing a significant increase of 230% over the years.

What is the land classification for Selliamman Nagar 1st Street?

Selliamman Nagar 1st Street is classified as Residential Class I Type - I.

What is the role of the Sembiam SRO?

The Sembiam Sub Registrar Office is responsible for the registration of property transactions in the Kolathur area, including Selliamman Nagar 1st Street.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.