Guideline Value for South Street 7th Street

South Street 7th Street guideline value

The current guideline value of South Street 7th 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 7th Street has changed

The guideline value for South Street 7th Street has undergone several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 250 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, representing a 700% rise. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, marking a decline of 33%. The value then saw a substantial increase to Rs 2,000 per sq.ft in 2023, which was a 49% rise. The latest revision in 2024 set the value at Rs 2,200 per sq.ft, showing a 10% increase from the previous year.

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

Guideline values in Chembakkam

In Chembakkam, 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 for these streets is Rs 2,200 per sq.ft, which is the same as the value for South Street 7th Street.

• South Street 6th Street: Rs 2,200 per sq.ft (2024)
• South Street 8th Street: Rs 2,200 per sq.ft (2024)
• South Street 5th Street: Rs 2,200 per sq.ft (2024)
• South Street 4th Street: Rs 2,200 per sq.ft (2024)
• South Street 3rd Street: Rs 2,200 per sq.ft (2024)
• South Street 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in South Street 7th 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 to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers South Street 7th Street?

The Sub Registrar Office that covers South Street 7th 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Chembakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is recorded at a fair value.

When you register a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the necessary revenue from property transactions, based on the established guideline values for different areas.

Frequently asked questions

What is the current guideline value for South Street 7th Street?

The current guideline value for South Street 7th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed significantly, starting from Rs 250 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 780%.

What is the land classification for South Street 7th Street?

The land classification for South Street 7th Street is Residential Special Type - II.

Where can I find the Selaiyur Sub Registrar Office?

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

How is stamp duty calculated for properties in South Street 7th Street?

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