Guideline Value for Tank Street

Tank Street guideline value

The current guideline value of Tank Street in Tondaiarpet village, under the Royapuram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Tank Street has changed

Tank Street has seen several revisions in its guideline value over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased to Rs 1,200 per sq.ft in 2012, marking a 100% rise. However, the 2017 revision saw a decrease to Rs 804 per sq.ft, a drop of 33%. The most recent 2024 revision has brought the guideline value back up to Rs 1,300 per sq.ft, reflecting an increase of 62% from the previous figure.

It is important to note that there are no registered figures for Tank Street in the years 2002, 2003, and 2023. Overall, from 2007 to 2024, the guideline value has increased by 117%.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Tank Street's 2024 figure below that median.

• Tamilar Nagar Main Road: Rs 1,300 per sq.ft (2024)
• Swathanthirapuram 2nd Street: Rs 1,300 per sq.ft (2024)
• Swathanthirapuram 1st Street: Rs 1,300 per sq.ft (2024)
• Suryanarayana 8th Lane: Rs 2,200 per sq.ft (2024)
• Suryanarayana 7th lane: Rs 2,200 per sq.ft (2024)
• Suryanarayana 6th lane: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Tank Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. It is important to note that 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 more accurate calculations.

Which Sub Registrar Office covers Tank Street?

The Sub Registrar Office that covers Tank Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. For more information, you can find your SRO.

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

The guideline value plays a crucial role during property registration in Tondaiarpet. It is used to calculate the stamp duty and registration fees that buyers must pay when they purchase property. The authorities rely on the guideline value to ensure that the taxes are fairly assessed based on the property's location and classification.

When a property is sold, the buyer must pay the 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 Tank Street?

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

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 600 per sq.ft to Rs 1,300 per sq.ft in 2024, which is an overall increase of 117%.

What is the land classification of Tank Street?

Tank Street is classified as Residential Class II Type - I, which indicates its intended use for residential purposes.

Where can I find the Royapuram Sub Registrar Office?

The Royapuram Sub Registrar Office is located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How is the stamp duty calculated for property in Tank Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at the current guideline value would incur a total fee of Rs 1,17,000, which includes stamp duty and registration fees.