Guideline Value for South Street 5th Street

South Street 5th Street guideline value

The current guideline value of South Street 5th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of South Street 5th Street has changed

The guideline value for South Street 5th Street has undergone several revisions over the years. In 2007, the guideline value was Rs 250 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a substantial rise of 700%. However, between 2012 and 2017, the value decreased to Rs 1,340 per sq.ft, reflecting a decline of 33%. The value then saw a considerable increase to Rs 2,000 per sq.ft in 2023, which was a 49% rise from the previous revision. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, representing a 10% increase from 2023.

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

Guideline values in Chembakkam

In Chembakkam village, there are 472 streets under the Selaiyur SRO that have 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 the same as the current value for South Street 5th Street.

• South Street 4th Street: Rs 2,200 per sq.ft (2024)
• South Street 6th Street: Rs 2,200 per sq.ft (2024)
• South Street 3rd Street: Rs 2,200 per sq.ft (2024)
• South Street 7th Street: Rs 2,200 per sq.ft (2024)
• South Street 2nd Street: Rs 2,200 per sq.ft (2024)
• South Street 8th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in South Street 5th Street

For a 1,000 sq.ft plot 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. Together, these costs would total Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers South Street 5th Street?

The Sub Registrar Office that covers South Street 5th 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, under 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

When buying or selling property in Chembakkam, the guideline value is a critical factor that determines the stamp duty and registration fees. The guideline value serves as a benchmark for the minimum value at which properties can be registered, ensuring that transactions reflect a certain level of market value.

During the registration process, 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 appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of South Street 5th Street?

The current guideline value of South Street 5th 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 significantly from Rs 250 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 780%.

What is the land classification for South Street 5th Street?

South Street 5th Street is classified as Residential Special Type - II.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for South Street 5th Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the stamp duty calculated for properties in Chembakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total costs can be calculated as Rs 1,98,000.