Guideline Value for Sivan Street

Sivan Street guideline value

The current guideline value of Sivan Street in Valasaravakkam 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 - I.

How the guideline value of Sivan Street has changed

Since the 2002 revision, the guideline value has significantly increased. In 2002, the value was Rs 259 per sq.ft, which rose to Rs 282 per sq.ft in 2003, marking a change of +9%. The most notable increase occurred between 2003 and 2012, where it surged to Rs 3,500 per sq.ft, reflecting a dramatic rise of +1,141%. The guideline value remained unchanged at Rs 3,500 per sq.ft from 2012 until the 2023 revision.

In 2023, the guideline value was revised to Rs 3,500 per sq.ft, and then increased to Rs 3,850 per sq.ft in 2024, which is a change of +10%. Overall, from 2002 to 2024, the guideline value has increased by +1,386%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,850 per sq.ft, which is equal to the current guideline value of Sivan Street.

• Singara Velan Street: Rs 3,850 per sq.ft (2024)
• Solai Krishnan Street: Rs 4,950 per sq.ft (2024)
• SRI Aravindar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• SRI Aravindar Street: Rs 3,850 per sq.ft (2024)
• Sri Balaji Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Sri Balaji Nagar 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sivan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be 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 Sivan Street?

The Sub Registrar Office that covers Sivan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the property transaction process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value helps establish a fair and transparent process for both parties involved. It ensures that the government collects the appropriate revenue from property transactions based on the established values.

Frequently asked questions

What is the current guideline value of Sivan Street?

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

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

The guideline value has increased significantly from Rs 259 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of +1,386%.

What is the land classification for Sivan Street?

Sivan Street is classified as Residential Class II Type - I.

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

The Virugambakkam Sub Registrar Office covers Sivan Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Sivan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500.