Guideline Value for Tippu Saheb Street Chennai-2

Tippu Saheb Street Chennai-2 guideline value

The current guideline value of Tippu Saheb Street Chennai-2 is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under Triplicane village and is classified as Residential Class II Type - I. The relevant Sub Registrar Office (SRO) for this area is Triplicane SRO.

How the guideline value of Tippu Saheb Street Chennai-2 has changed

The guideline value for Tippu Saheb Street Chennai-2 has undergone several revisions over the years. The 2012 revision set the value at Rs 5,000 per sq.ft, which decreased to Rs 3,350 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 5,000 per sq.ft, and the most recent 2024 revision has raised it to Rs 5,500 per sq.ft. The register has no figure for the years 2002, 2003, and 2007.

From the 2012 to 2017 revision, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from the 2012 revision to the 2024 revision is an increase of 10%.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median value for these streets is Rs 6,600 per sq.ft, indicating that Tippu Saheb Street's 2024 value is below the median.

• Thypoon Ali Khan Street: Rs 5,500 per sq.ft (2024)
• Thulasinga Perumal Koil Street: Rs 7,700 per sq.ft (2024)
• Thulasinga Perumal Koil South Mada Street: Rs 6,600 per sq.ft (2024)
• Thulasinga Perumal Koil Lane: Rs 5,500 per sq.ft (2024)
• Thulasinga Perumal Koil 2nd Lane: Rs 5,500 per sq.ft (2024)
• Thulasinga Perumal Koil 1st Lane: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Tippu Saheb Street Chennai-2

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Tippu Saheb Street Chennai-2?

The Sub Registrar Office that covers Tippu Saheb Street Chennai-2 is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Triplicane, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it impacts the stamp duty and registration fees payable.

When a property is sold, the guideline value serves as a reference point for calculating the applicable taxes. It ensures that the government receives the correct revenue based on the property's value, whether the sale price is higher or lower than the guideline value.

Frequently asked questions

What is the current guideline value of Tippu Saheb Street Chennai-2?

The current guideline value of Tippu Saheb Street Chennai-2 is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2023 to Rs 5,500 per sq.ft in 2024. It decreased from Rs 5,000 in 2012 to Rs 3,350 in 2017 and then increased significantly to Rs 5,000 in 2023.

What is the land classification of Tippu Saheb Street Chennai-2?

Tippu Saheb Street Chennai-2 is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Tippu Saheb Street Chennai-2?

The Sub Registrar Office for Tippu Saheb Street Chennai-2 is located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014.

How is stamp duty calculated for properties in Tippu Saheb Street Chennai-2?

Stamp duty for properties in Tippu Saheb Street Chennai-2 is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at a rate of 7%.