Guideline Value for Sky City

Sky City guideline value

The current guideline value of Sky City in Adayalampattu village is Rs 3,300 per sq.ft, effective from 1 July 2024. This property falls under the Chennai South Joint II SRO and is classified as Residential Special Type - I.

How the guideline value of Sky City has changed

The guideline value for Sky City has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and the latest revision in 2024 has raised it to Rs 3,300 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, but the value increased by 49% from 2017 to 2023. The jump from 2023 to 2024 is a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Adayalampattu

Adayalampattu has a total of 19 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 3,850 per sq.ft. The median guideline value for these streets is Rs 2,420 per sq.ft, placing Sky City's 2024 figure above that median.

• Union Road: Rs 2,420 per sq.ft (2024)
• Vanagaram Ambattur Road: Rs 3,300 per sq.ft (2024)
• Ponniyamman Koil Street: Rs 2,420 per sq.ft (2024)
• Perumal Koil Street: Rs 2,420 per sq.ft (2024)
• Panajsalai Street: Rs 2,420 per sq.ft (2024)
• Padasalai Street (1-5 st): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sky City

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty, charged at 7%, would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. The total cost for these fees would be Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Sky City?

The Sub Registrar Office that covers Sky City is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Adayalampattu. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the fees reflect the property's value as determined by the government, providing a standardized approach to property transactions in the area.

Frequently asked questions

What is the current guideline value of Sky City?

The current guideline value of Sky City is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Sky City?

Sky City is classified as Residential Special Type - I, which indicates its intended use for residential purposes within the area.

What are the stamp duty and registration fees for properties in Sky City?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, and the registration fee is 2%. For example, on a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Which Sub Registrar Office covers Adayalampattu?

The Chennai South Joint II Sub Registrar Office covers Adayalampattu, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.