Guideline Value for South Street 3rd Street

South Street 3rd Street guideline value

The current guideline value of South Street 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of South Street 3rd Street has changed

Over the years, the guideline value of South Street 3rd Street has seen significant changes. The 2007 revision set the value at Rs 250 per sq.ft, which then increased dramatically to Rs 2,000 per sq.ft in the 2012 revision, marking a 700% increase. However, in the 2017 revision, the value dropped to Rs 1,340 per sq.ft, reflecting a decrease of 33%. The 2023 revision brought the value back up to Rs 2,000 per sq.ft, and the most recent 2024 revision set the current value at Rs 2,200 per sq.ft, a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 780%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is equal to the 2024 figure for South Street 3rd Street.

• South Street 1st 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)
• South Street 7th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in South Street 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost together to Rs 1,98,000. It is essential 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 more details.

Which Sub Registrar Office covers South Street 3rd Street?

The Sub Registrar Office that covers South Street 3rd 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 is a crucial reference point when buying or selling property in Chembakkam. It is used to determine the stamp duty and registration fees that must be paid during the registration process. This ensures that the transaction is recorded at a value that reflects the official guideline set by the registration authorities.

When a property is registered, the guideline value helps in assessing the value of the property for taxation purposes. Buyers and sellers should always be aware of the current guideline value to ensure compliance with local regulations and to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of South Street 3rd Street?

The current guideline value of South Street 3rd 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 increased 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 is the land classification for South Street 3rd Street?

South Street 3rd Street is classified as Residential Special Type - II.

Where can I find the Sub Registrar Office for South Street 3rd Street?

The Selaiyur Sub Registrar Office covers South Street 3rd Street, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in South Street 3rd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.