Guideline Value for Village Street

Village Street guideline value

The current guideline value of Village Street in Satthankadu village, under the Thiruvottiyur SRO, is Rs 3,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - III.

How the guideline value of Village Street has changed

In the 2007 revision, the guideline value was Rs 800 per sq.ft. This saw a significant increase in the 2012 revision to Rs 3,100 per sq.ft, marking an increase of 288%. However, in the 2017 revision, the value decreased to Rs 2,077 per sq.ft, a drop of 33%. The 2023 revision brought it back up to Rs 3,100 per sq.ft, and then it increased again to Rs 3,400 per sq.ft in the 2024 revision, reflecting a 10% increase.

From 2017 to 2023, the value rose by 49%. Overall, from the 2007 revision to the current 2024 guideline value, there has been an increase of 325%. The guideline value register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Satthankadu

In Satthankadu, there are 71 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 5,500 per sq.ft. The median guideline value is Rs 3,400 per sq.ft, which is equal to the current value of Village Street.

• Vivekanadan street: Rs 3,400 per sq.ft (2024)
• V.O.C Streets: Rs 3,400 per sq.ft (2024)
• West Mada Street: Rs 3,400 per sq.ft (2024)
• Y.M.C.A. Street: Rs 3,400 per sq.ft (2024)
• Veera raghavan street: Rs 3,400 per sq.ft (2024)
• Vasantha Nagar: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Village Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,400 per sq.ft, the total guideline value would be Rs 34,00,000. The stamp duty at 7% would amount to Rs 2,38,000, and the registration fee at 2% would be Rs 68,000, bringing the total to Rs 3,06,000. 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 information.

Which Sub Registrar Office covers Village Street?

The Sub Registrar Office that covers Village Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more details.

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

The guideline value is a critical factor when registering property in Satthankadu. It determines the minimum value at which a property can be sold and is used to calculate the stamp duty and registration fees applicable during the transaction.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate dealings. It is essential for buyers and sellers to be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Village Street?

The current guideline value of Village Street in Satthankadu is Rs 3,400 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 800 per sq.ft in 2007 to Rs 3,400 per sq.ft in 2024, marking an overall increase of 325% over the years.

What are the stamp duty and registration fees for property in Village Street?

For a property valued at Rs 34,00,000, the stamp duty would be Rs 2,38,000, and the registration fee would be Rs 68,000, totaling Rs 3,06,000.

Which office handles property registrations for Village Street?

The Thiruvottiyur Sub Registrar Office is responsible for property registrations in Village Street, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the land classification of Village Street?

Village Street is classified as Residential Special Type - III, indicating its suitability for residential development within the area.