Guideline Value for South Street 1st Street

South Street 1st Street guideline value

The current guideline value of South Street 1st Street in Chembakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Selaiyur SRO and is classified as Residential Special Type - II.

How the guideline value of South Street 1st Street has changed

The guideline value for South Street 1st Street has undergone several revisions over the years. In 2007, the guideline value was set at Rs 250 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a remarkable rise of 700%. However, between 2012 and 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

The register does not contain figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 780%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is the same as the current value for South Street 1st Street.

• South Street: Rs 2,200 per sq.ft (2024)
• South Street 2nd Street: Rs 2,200 per sq.ft (2024)
• South Street 3rd Street: Rs 2,200 per sq.ft (2024)
• South Street 4th Street: Rs 2,200 per sq.ft (2024)
• South Street 5th Street: Rs 2,200 per sq.ft (2024)
• South Street 6th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in South Street 1st Street

For a 1,000 sq.ft plot in South Street 1st Street 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 amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers South Street 1st Street?

The Sub Registrar Office that covers South Street 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Chembakkam. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official value set by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the financial aspects of property transactions. Accurate knowledge of these values helps in planning and executing property deals efficiently.

Frequently asked questions

What is the current guideline value for South Street 1st Street?

The current guideline value for South Street 1st 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 250 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 780% over the years.

What are the other streets in Chembakkam with the same guideline value?

Several other streets in Chembakkam have the same guideline value of Rs 2,200 per sq.ft, including South Street, South Street 2nd Street, South Street 3rd Street, South Street 4th Street, South Street 5th Street, and South Street 6th Street.

What is the registration fee for property in South Street 1st Street?

The registration fee for property transactions in South Street 1st Street is calculated based on the guideline value. For example, for a property valued at Rs 22,00,000, the registration fee would be Rs 44,000 at 2%.

Where is the Sub Registrar Office for South Street 1st Street located?

The Sub Registrar Office for South Street 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.