Guideline Value for Sheik Gaja Street

Sheik Gaja Street guideline value

The current guideline value of Sheik Gaja Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village and falls under the Triplicane SRO, classified as Residential Class II Type - I.

How the guideline value of Sheik Gaja Street has changed

Over the years, the guideline value of Sheik Gaja Street has seen significant changes. The earliest recorded figure is from the 2007 revision, which was Rs 945 per sq.ft. This value increased dramatically to Rs 5,000 per sq.ft in the 2012 revision, marking a rise of 429%. However, in the 2017 revision, the value decreased to Rs 3,350 per sq.ft, a drop of 33%. The guideline value then rose to Rs 5,000 per sq.ft in the 2023 revision, followed by a further increase to Rs 5,500 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 482%. It is important to note that there are no recorded figures for Sheik Gaja Street in the 2002 and 2003 revisions.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft, with a median value of Rs 6,600 per sq.ft. The guideline value of Sheik Gaja Street is below this median.

• Sheik Dawood Street: Rs 7,700 per sq.ft (2024)
• Sherfuddin Garden 1st Lane: Rs 6,600 per sq.ft (2024)
• Sherfuddin Garden 2nd Lane: Rs 8,800 per sq.ft (2024)
• Sherfuddin Garden Blind Lane: Rs 8,800 per sq.ft (2024)
• Shadi Mahal Othavadai: Rs 5,500 per sq.ft (2024)
• Singa Perumal Koil Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Sheik Gaja Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. 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 detailed calculations.

Which Sub Registrar Office covers Sheik Gaja Street?

Sheik Gaja Street is covered by the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Triplicane, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sheik Gaja Street?

The current guideline value of Sheik Gaja Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 945 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 482%.

What is the land classification of Sheik Gaja Street?

Sheik Gaja Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Sheik Gaja Street?

The Sub Registrar Office for Sheik Gaja Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How are stamp duty and registration fees calculated?

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 at the guideline value of Rs 5,500 per sq.ft, the total fees would amount to Rs 4,95,000.