Guideline Value for Sivapatham Street

Sivapatham Street guideline value

The current guideline value of Sivapatham Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village, under the Sembiam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Sivapatham Street has changed

The guideline value of Sivapatham Street has undergone several revisions since 2002. In 2002, the guideline value was Rs 319 per sq.ft, which increased to Rs 406 per sq.ft in 2003, marking a rise of 27%. The value continued to rise significantly, reaching Rs 800 per sq.ft in 2007, a 97% increase from the previous revision. By 2012, the value was Rs 2,000 per sq.ft, reflecting a substantial increase of 150% from 2007. However, between 2012 and 2017, the value decreased to Rs 1,340 per sq.ft, a decline of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, and finally, it reached Rs 2,200 per sq.ft in 2024, showing an increase of 10% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 590%. There are no records of guideline values for Sivapatham Street in the years not mentioned above.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO, with guideline values ranging from Rs 1,700 to Rs 7,100 per sq.ft as of 2024. The median guideline value in this area is Rs 2,700 per sq.ft, placing Sivapatham Street's 2024 figure below that median.

• Sivaprakasam Street: Rs 2,200 per sq.ft (2024)
• Somasundara Vinayagar Koil Street 1st Lane: Rs 2,700 per sq.ft (2024)
• Somasundara Vinayagar Koil Street 2nd Lane: Rs 2,700 per sq.ft (2024)
• Somasundara Vinayagar Koil Street 3rd Lane: Rs 2,700 per sq.ft (2024)
• Soma Sundara Vinayagar Koil Street (Melpattadai): Rs 3,500 per sq.ft (2024)
• Somu Gramani Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Sivapatham Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Sivapatham Street?

The Sub Registrar Office that covers Sivapatham 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 Sembiam

The guideline value is a crucial factor when buying or selling property in Sembiam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with the registration requirements.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Sivapatham Street?

The current guideline value of Sivapatham Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 319 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, an overall increase of 590% over the years.

What is the land classification of Sivapatham Street?

Sivapatham Street is classified as Residential Class I Type - II under the Sembiam SRO.

What are the stamp duty and registration fees for property in Sivapatham Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Sivapatham Street located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011, and is responsible for property registrations in this area.