Guideline Value for St. Mary Street

St. Mary Street guideline value

The current guideline value of St. Mary Street in Zaminpallavaram village, under the Pallavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - II land classification.

How the guideline value of St. Mary Street has changed

The guideline value for St. Mary Street has undergone several revisions over the years. The earliest recorded figure was Rs 205 per sq.ft in 2003, which saw a significant increase to Rs 600 per sq.ft in 2007, marking a change of +193%. This value remained unchanged at Rs 600 per sq.ft until the next revision in 2012, where it increased dramatically to Rs 3,000 per sq.ft, reflecting a remarkable change of +400%. The value remained the same in the 2023 revision at Rs 3,000 per sq.ft.

In the latest 2024 revision, the guideline value rose to Rs 3,300 per sq.ft, a change of +10% from the previous year. Overall, from 2003 to 2024, the guideline value has increased by +1510%. It is important to note that the register has no figures for the years 2002 and 2017 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is equal to the current value of St. Mary Street.

• Subamangala Nagar: Rs 3,300 per sq.ft (2024)
• Station Road Junction to M.I.T. Gate: Rs 3,850 per sq.ft (2024)
• Station Road (Chromepet): Rs 3,850 per sq.ft (2024)
• Station Line 1st Street: Rs 3,850 per sq.ft (2024)
• Station Cross Street: Rs 3,850 per sq.ft (2024)
• Station Border Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in St. Mary Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is essential to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers St. Mary Street?

The Sub Registrar Office that covers St. Mary Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 Zaminpallavaram

The guideline value is a crucial factor in the registration process when buying or selling property in Zaminpallavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately and transparently.

When a property is sold, 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 the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of St. Mary Street?

The current guideline value of St. Mary Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 205 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of +1510% over the years.

What are the stamp duty and registration fees for properties on St. Mary Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 2,97,000.

Which office handles registrations for St. Mary Street?

The Pallavaram Sub Registrar Office handles registrations for St. Mary Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the median guideline value in Zaminpallavaram?

The median guideline value in Zaminpallavaram is Rs 3,300 per sq.ft, which is the same as the current value for St. Mary Street.