Guideline Value for Sethupillai Street

Sethupillai Street guideline value

The current guideline value of Sethupillai Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Sethupillai Street has changed

The guideline value for Sethupillai Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,000 per sq.ft. This figure decreased to Rs 670 per sq.ft in the 2017 revision. The 2023 revision saw a significant increase, bringing the value back up to Rs 1,000 per sq.ft. The most recent 2024 revision has further increased the guideline value to Rs 1,100 per sq.ft, marking a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for Sethupillai Street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, making the 2024 figure for Sethupillai Street below this median.

• Sha Avenue: Rs 2,750 per sq.ft (2024)
• Shanmugam Nagar Cross Street: Rs 1,650 per sq.ft (2024)
• Shanmugam Nagar Main Road: Rs 1,650 per sq.ft (2024)
• Shanmuganathan Street: Rs 1,320 per sq.ft (2024)
• Shanthi Avenue: Rs 3,300 per sq.ft (2024)
• Shanthi Avenue 1st Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Sethupillai Street

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the 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 information.

Which Sub Registrar Office covers Sethupillai Street?

The Sub Registrar Office that covers Sethupillai Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duties and registration fees.

When buying or selling property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that both parties are aware of the official valuation of the property being transferred.

Frequently asked questions

What is the current guideline value of Sethupillai Street?

The current guideline value of Sethupillai Street is Rs 1,100 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 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What are the other guideline values in Chitlapakkam?

Other streets in Chitlapakkam have varying guideline values, with rates ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 1,650 per sq.ft.

What is the stamp duty for property in Sethupillai Street?

The stamp duty for property in Sethupillai Street is 7% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the stamp duty would be Rs 77,000.

Where is the Sub Registrar Office for Sethupillai Street?

The Sub Registrar Office for Sethupillai Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.