Guideline Value for Slum Clearance Board (tenement)

Slum Clearance Board (tenement) guideline value

The current guideline value for the Slum Clearance Board (tenement) in Egmore village, under the Periamet SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class IV Type - I land classification.

How the guideline value of Slum Clearance Board (tenement) has changed

Over the years, the guideline value for the Slum Clearance Board (tenement) has undergone several revisions. The earliest recorded figure is from 2007, where the value was Rs 800 per sq.ft. This increased significantly to Rs 2,600 per sq.ft in 2012, marking a 225% rise. However, it then decreased to Rs 1,742 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase again, reaching Rs 2,600 per sq.ft in 2023, and then further rising to Rs 2,800 per sq.ft in 2024, which is an 8% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 250%, reflecting significant changes over the years.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO that carry a guideline value for 2024, ranging from Rs 2,800 to Rs 22,000 per sq.ft, with a median value of Rs 7,100 per sq.ft. The guideline value for the Slum Clearance Board (tenement) is below this median.

• Siyali Mudali Stret: Rs 7,100 per sq.ft (2024)
• Siva Sankaran mudaly salai: Rs 8,300 per sq.ft (2024)
• Soorammal Lane: Rs 7,100 per sq.ft (2024)
• Soorammal Street: Rs 7,100 per sq.ft (2024)
• South Coovam Salai: Rs 4,400 per sq.ft (2024)
• Sivan Koil street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Slum Clearance Board (tenement)

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important to note that the 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 more information.

Which Sub Registrar Office covers Slum Clearance Board (tenement)?

The Slum Clearance Board (tenement) falls under the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Egmore. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately for taxation purposes. Buyers and sellers must be aware of the current guideline values to understand their financial obligations during the registration process.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the true value of the property being exchanged.

Frequently asked questions

What is the current guideline value for Slum Clearance Board (tenement)?

The current guideline value for the Slum Clearance Board (tenement) in Egmore is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 800 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, reflecting a 250% increase overall.

What are the stamp duty and registration fees for this property?

For a property valued at Rs 28,00,000, the stamp duty is Rs 1,96,000 and the registration fee is Rs 56,000, totaling Rs 2,52,000.

Which office handles registrations for Slum Clearance Board (tenement)?

The Periamet Sub Registrar Office at 1103, Poonamallee High Road, Chennai-600 003, is responsible for handling registrations for the Slum Clearance Board (tenement).

What is the land classification for Slum Clearance Board (tenement)?

The land classification for the Slum Clearance Board (tenement) is Residential Class IV Type - I, which is important for determining the applicable guideline values.