Guideline Value for Vasantha Garden 1st Street

Vasantha Garden 1st Street guideline value

The current guideline value for Vasantha Garden 1st Street is Rs 1,400 per sq.ft, effective from 1 July 2024. This street is located in Chinna Sembaram Bakkam village under the Sembiam SRO, classified as Residential Class II Type - I.

How the guideline value of Vasantha Garden 1st Street has changed

The guideline value for Vasantha Garden 1st Street has undergone several revisions over the years. The earliest recorded figure is from 2003, with a guideline value of Rs 375 per sq.ft. This value increased to Rs 600 per sq.ft in 2007, marking a 60% rise. In 2012, the value was Rs 1,300 per sq.ft, which represented a significant increase of 117% from the previous revision. However, there was a decrease of 33% in 2017, bringing the value down to Rs 871 per sq.ft. The 2023 revision saw a substantial increase of 49%, raising the value to Rs 1,300 per sq.ft, and the most recent 2024 revision has set the value at Rs 1,400 per sq.ft, an 8% increase from 2023.

The register has no figure for this street in 2002. Overall, from 2003 to 2024, the guideline value has increased by 273%.

Guideline values in Chinna Sembaram Bakkam

In Chinna Sembaram Bakkam, there are 37 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 2,700 per sq.ft. The median value for these streets is Rs 1,400 per sq.ft, which is equal to the guideline value for Vasantha Garden 1st Street.

• Vasantha Garden 1st Lane: Rs 1,400 per sq.ft (2024)
• Vasantha Garden 2nd Lane: Rs 1,400 per sq.ft (2024)
• Vasantha Garden 2nd Street: Rs 1,400 per sq.ft (2024)
• Vasantha Garden 3rd Street: Rs 1,400 per sq.ft (2024)
• Vasantha Garden 4th Street: Rs 1,400 per sq.ft (2024)
• Vasantha Garden Main Road: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vasantha Garden 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,400 per sq.ft, the total guideline value would be Rs 14,00,000. The stamp duty at 7% would amount to Rs 98,000, and the registration fee at 2% would be Rs 28,000, making the total cost for these fees Rs 1,26,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vasantha Garden 1st Street?

The Vasantha Garden 1st Street falls under the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Chinna Sembaram Bakkam

The guideline value is a crucial factor when registering property transactions in Chinna Sembaram Bakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all parties involved in the transaction are aware of the financial obligations tied to the property transfer.

Frequently asked questions

What is the current guideline value of Vasantha Garden 1st Street?

The current guideline value of Vasantha Garden 1st Street is Rs 1,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 375 per sq.ft in 2003 to Rs 1,400 per sq.ft in 2024, reflecting an overall increase of 273% over this period.

What is the role of the Sembiam SRO?

The Sembiam SRO is responsible for registering property transactions in Vasantha Garden 1st Street and ensuring compliance with local regulations.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same value.

What other streets have the same guideline value?

Other streets in Chinna Sembaram Bakkam, such as Vasantha Garden 1st Lane, Vasantha Garden 2nd Lane, Vasantha Garden 2nd Street, Vasantha Garden 3rd Street, and Vasantha Garden 4th Street, all share the same guideline value of Rs 1,400 per sq.ft for 2024.