Guideline Value for Subramaniyar Koil Street

Subramaniyar Koil Street guideline value

The current guideline value of Subramaniyar Koil Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Subramaniyar Koil Street has changed

The guideline value for Subramaniyar Koil Street has undergone several revisions since 2002. In 2002, the value was Rs 343 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2007, marking a remarkable increase of 337%. The value then rose to Rs 3,500 per sq.ft in 2012, showcasing a growth of 133%. However, from 2012 to 2017, the value decreased to Rs 2,345 per sq.ft, reflecting a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, a substantial increase of 64% from 2017.

It is important to note that there are no figures available for the years 2023 and 2003 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1022%.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Subramaniyar Koil Street's 2024 figure below that median.

• Subramaniyam Colony: Rs 4,400 per sq.ft (2024)
• Sudha Nagar: Rs 3,850 per sq.ft (2024)
• Subramani Street: Rs 3,850 per sq.ft (2024)
• Subramani Koil Street: Rs 3,850 per sq.ft (2024)
• Subha Reddy Lane: Rs 3,850 per sq.ft (2024)
• Subba Reddy Lane, MKN Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Subramaniyar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost together to Rs 3,46,500. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Subramaniyar Koil Street?

The Subramaniyar Koil Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Velachery. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the government receives the correct revenue from property transactions based on the established guideline values.

In the registration process, the buyer must ensure that the transaction value is at least equal to the guideline value. If the sale price is lower than the guideline value, the higher amount will be considered for calculating the stamp duty and registration fees. This helps maintain a standard valuation for properties in the area.

Frequently asked questions

What is the current guideline value of Subramaniyar Koil Street?

The current guideline value of Subramaniyar Koil Street is Rs 3,850 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 343 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 1022% over this period.

What is the land classification for Subramaniyar Koil Street?

Subramaniyar Koil Street is classified as Residential Class II Type - III, indicating its suitability for residential development.

How is the stamp duty calculated for properties in Subramaniyar Koil Street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would amount to Rs 2,69,500.

Which office handles property registrations for Subramaniyar Koil Street?

The Velacheri Sub Registrar Office handles property registrations for Subramaniyar Koil Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.