Guideline Value for Teachers Spanish City

Teachers Spanish City guideline value

The current guideline value of Teachers Spanish City is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Kondavakkam village under the Sriperumpudur SRO, classified as Residential Special Type - I.

How the guideline value of Teachers Spanish City has changed

Over the years, the guideline value for Teachers Spanish City has seen several revisions. The 2007 revision set the value at Rs 320 per sq.ft, which increased to Rs 500 per sq.ft in the 2012 revision. However, in the 2017 revision, the value was adjusted down to Rs 335 per sq.ft. Following this, the guideline value rose significantly to Rs 500 per sq.ft in both the 2023 and 2024 revisions, indicating no change from 2023 to 2024. There are no figures available for the revisions in 2002 and 2003 for this street.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. The overall change from the 2007 revision to the 2024 revision is a 56% increase, reflecting the adjustments made over the years.

Guideline values in Kondavakkam

In Kondavakkam village, there are six streets under the Sriperumpudur SRO that carry a 2024 guideline value, ranging from Rs 250 to Rs 903 per sq.ft. The median guideline value for these streets is Rs 700 per sq.ft, placing Teachers Spanish City below this median.

• Sri Sai Balaji Nagar: Rs 250 per sq.ft (2024)
• NRI centre city ph.II: Rs 700 per sq.ft (2024)
• NRI Centre City: Rs 700 per sq.ft (2024)
• Mahidhara Central - II Sector-I: Rs 903 per sq.ft (2024)
• Mahidara Central: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Teachers Spanish City

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total fees to Rs 45,000. 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 detailed calculations.

Which Sub Registrar Office covers Teachers Spanish City?

The Sub Registrar Office that covers Teachers Spanish City is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kondavakkam. It determines the minimum value at which a property can be registered, ensuring that the transactions are conducted at a fair price as per government regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, ensuring compliance with the legal framework in place.

Frequently asked questions

What is the current guideline value of Teachers Spanish City?

The current guideline value of Teachers Spanish City is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 320 per sq.ft in 2007 to Rs 500 per sq.ft in 2012, then decreased to Rs 335 per sq.ft in 2017, and has remained at Rs 500 per sq.ft in both 2023 and 2024.

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

Other streets in Kondavakkam include Sri Sai Balaji Nagar at Rs 250 per sq.ft, NRI centre city ph.II and NRI Centre City both at Rs 700 per sq.ft, and Mahidhara Central - II Sector-I at Rs 903 per sq.ft.

What is the stamp duty and registration fee for property in Teachers Spanish City?

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Teachers Spanish City?

The Sriperumpudur Sub Registrar Office handles property registrations for Teachers Spanish City, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.