Guideline Value for Subbaiya Street

Subbaiya Street guideline value

The current guideline value of Subbaiya Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO and is classified as Residential Class III Type - I.

How the guideline value of Subbaiya Street has changed

The guideline value for Subbaiya Street has undergone several revisions over the years. In 2007, the guideline value was Rs 800 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012, marking a 400% rise. However, between 2012 and 2017, the value decreased to Rs 2,680 per sq.ft, reflecting a 33% drop. The value then rose to Rs 4,000 per sq.ft in 2023, a 49% increase from the previous revision.

As of the 2024 revision, the guideline value stands at Rs 4,400 per sq.ft, which is a 10% increase from the 2023 figure. Overall, from 2007 to 2024, the guideline value has increased by 450%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. The guideline value of Subbaiya Street is below this median.

• Stringers Road: Rs 7,000 per sq.ft (2024)
• Stringers 2nd lane: Rs 5,500 per sq.ft (2024)
• Stringers 1st lane: Rs 5,500 per sq.ft (2024)
• Sundarajaperumal Koil street: Rs 4,400 per sq.ft (2024)
• Sundarapuram 1st street: Rs 2,700 per sq.ft (2024)
• Sundarapuram 2nd street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Subbaiya Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. The 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 further calculations.

Which Sub Registrar Office covers Subbaiya Street?

Subbaiya Street falls under the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vepery. It determines the minimum price at which a property can be registered and is used to calculate the applicable stamp duty and registration fees.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Subbaiya Street?

The current guideline value of Subbaiya Street is Rs 4,400 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 800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 450% over the years.

What are the other streets in Vepery and their guideline values?

Other streets in Vepery include Stringers Road at Rs 7,000 per sq.ft, Stringers 2nd lane and Stringers 1st lane at Rs 5,500 per sq.ft, Sundarajaperumal Koil street at Rs 4,400 per sq.ft, and Sundarapuram 1st and 2nd streets at Rs 2,700 per sq.ft.

What fees are associated with buying property in Subbaiya Street?

When buying property in Subbaiya Street, buyers need to consider the stamp duty, which is 7% of the guideline value, and the registration fee, which is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Subbaiya Street located?

The Sub Registrar Office covering Subbaiya Street is located at 1103, Poonamallee High Road, Chennai-600 003, under the Periamet SRO.