Guideline Value for Sethu Street

Sethu Street guideline value

The current guideline value of Sethu Street in Saligramam village, under the Virugambakkam SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - II.

How the guideline value of Sethu Street has changed

The guideline value of Sethu Street has seen several revisions over the years. In 2002, the value was Rs 466 per sq.ft, which increased to Rs 509 per sq.ft in 2003, marking a 9% rise. The value then rose significantly to Rs 850 per sq.ft in 2007, reflecting a 67% increase. Following this, the value jumped to Rs 3,500 per sq.ft in 2012, resulting in a substantial 312% increase. However, from 2012 to 2017, the value decreased to Rs 2,345 per sq.ft, which is a decline of 33%. The 2017 revision set the value at Rs 2,345 per sq.ft, which then increased to Rs 3,500 per sq.ft in 2023, a rise of 49%. The most recent revision in 2024 has set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years between these revisions for Sethu Street in the register.

Guideline values in Saligramam

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

• Shanthi Nagar: Rs 4,950 per sq.ft (2024)
• Senghalvarayan Street: Rs 3,300 per sq.ft (2024)
• Sengavara Raju Street: Rs 3,300 per sq.ft (2024)
• Seenivasan Street: Rs 3,300 per sq.ft (2024)
• Satya Garden - V.V. Giri Street: Rs 5,500 per sq.ft (2024)
• Satya Garden - Nehru Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sethu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total cost for these fees Rs 3,46,500. 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 Sethu Street?

The Sub Registrar Office that covers Sethu 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 property transactions in Saligramam. It is used to determine the stamp duty and registration fees that must be paid when registering a property. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the guideline value ensures that the transaction is recorded accurately, reflecting the value of the property as determined by the government. This helps maintain transparency in property dealings and ensures that all parties are aware of the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Sethu Street?

The current guideline value of Sethu Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value of Sethu Street changed over the years?

The guideline value has changed from Rs 466 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 726% over the years.

What is the land classification of Sethu Street?

Sethu Street is classified as Residential Class II Type - II, indicating its designated use for residential purposes.

Where can I find the Sub Registrar Office for Sethu Street?

The Sub Registrar Office for Sethu Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated for properties in Sethu Street?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total guideline value would be Rs 38,50,000, leading to a total fee of Rs 3,46,500.