Guideline Value for Sivaprakasam Street

Sivaprakasam Street guideline value

The current guideline value of Sivaprakasam 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 Sivaprakasam Street has changed

The guideline value for Sivaprakasam Street has seen several revisions over the years. In 2002, the value was Rs 283 per sq.ft, which increased to Rs 307 per sq.ft in 2003, marking an increase of approximately 8%. The value then saw a significant rise to Rs 700 per sq.ft in 2007, reflecting a change of about 128%. Following this, the 2012 revision set the value back to Rs 2,000 per sq.ft, a decrease of 33% from the previous revision.

In 2017, the guideline value increased to Rs 1,340 per sq.ft, representing a rise of 49%. The value further increased to Rs 2,000 per sq.ft in 2023, before reaching the current figure of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year. There are no figures available for the years not mentioned in the revisions.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that have a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value of Sivaprakasam Street is below this median.

• Sivapatham 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 Sivaprakasam Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty, charged at 7%, would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Sivaprakasam Street?

The Sub Registrar Office that covers Sivaprakasam Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Sembiam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted transparently and fairly.

When buying or selling property, the guideline value plays a significant role in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Sivaprakasam Street?

The current guideline value of Sivaprakasam 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 from Rs 283 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 677% over the years.

What are the other streets in Sembiam with their guideline values?

Other streets in Sembiam include Sivapatham Street at Rs 2,200 per sq.ft, Somasundara Vinayagar Koil Street 1st Lane, 2nd Lane, and 3rd Lane at Rs 2,700 per sq.ft, and Soma Sundara Vinayagar Koil Street (Melpattadai) at Rs 3,500 per sq.ft.

How is stamp duty calculated for property in Sivaprakasam Street?

Stamp duty for property in Sivaprakasam Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 2,200 per sq.ft would incur a stamp duty of Rs 1,54,000.

Where is the Sub Registrar Office for Sivaprakasam Street located?

The Sub Registrar Office for Sivaprakasam Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.