Guideline Value for Smith Street

Smith Street guideline value

The current guideline value of Smith Street is Rs 13,200 per sq.ft, effective from 1 July 2024. It is located in Triplicane village and falls under the Triplicane SRO. The land classification for this street is Commercial Class I Type - I.

How the guideline value of Smith Street has changed

Over the years, the guideline value of Smith Street has undergone several revisions. The 2007 revision set the guideline value at Rs 4,225 per sq.ft, which increased significantly to Rs 12,000 per sq.ft in 2012. However, it then decreased to Rs 8,040 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 12,000 per sq.ft, and the latest revision in 2024 has set it at Rs 13,200 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The overall change from the 2007 revision to the 2024 revision reflects a substantial increase of 212%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value, ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median value is Rs 6,600 per sq.ft, making Smith Street's 2024 figure of Rs 13,200 per sq.ft notably above this median.

• Siyali Koil Street: Rs 6,600 per sq.ft (2024)
• Siyali Koil Lane: Rs 6,600 per sq.ft (2024)
• Somu Street: Rs 7,700 per sq.ft (2024)
• South Kulakkarai Street: Rs 6,600 per sq.ft (2024)
• Sivaraman Street: Rs 6,600 per sq.ft (2024)
• South Mada Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Smith Street

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value would be Rs 1,32,00,000. The stamp duty at 7% would amount to Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total to Rs 11,88,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Smith Street?

The Sub Registrar Office that covers Smith Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014. You can find your SRO for additional information.

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

The guideline value plays a crucial role in the registration process of property transactions in Triplicane. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duties and registration fees.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two will be used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Smith Street?

The current guideline value of Smith Street is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,225 per sq.ft in 2007 to Rs 13,200 per sq.ft in 2024, reflecting a total increase of 212% over this period.

What is the land classification for Smith Street?

Smith Street is classified as Commercial Class I Type - I according to the local land classification regulations.

Where is the Sub Registrar Office for Smith Street located?

The Sub Registrar Office for Smith Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014.

How is stamp duty calculated for properties on Smith Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 1,32,00,000, the stamp duty would be Rs 9,24,000 at a rate of 7%.