Guideline Value for WEST TANK VIEW STREET

West Tank View Street guideline value

The current guideline value of West Tank View Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village, under the Chennai South Joint II SRO, and is classified as Residential Class III Type - I.

How the guideline value of West Tank View Street has changed

The guideline value for West Tank View Street has undergone several revisions over the years. The earliest recorded figure is Rs 782 per sq.ft in 2002, which increased to Rs 979 per sq.ft in 2003, marking a 25% rise. Following this, the value rose to Rs 1,300 per sq.ft in 2007, a 33% increase. In 2012, the value reached Rs 3,000 per sq.ft, reflecting a significant 131% increase from the previous revision. However, this figure decreased by 33% to Rs 2,010 per sq.ft in 2017.

In the most recent revisions, the guideline value increased to Rs 3,000 per sq.ft in 2023, and then to Rs 3,300 per sq.ft in 2024, representing a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 322%.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for West Tank View Street is below this median.

• West Jones Road: Rs 8,250 per sq.ft (2024)
• V.O.C. Street: Rs 3,300 per sq.ft (2024)
• V.O.C. Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• V.O.C. Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Vinayagam Pettai Street: Rs 6,050 per sq.ft (2024)
• Vinayagam Koil Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in West Tank View Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers West Tank View Street?

The Sub Registrar Office that covers West Tank View Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Saidapet. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transaction.

Additionally, the guideline value affects the calculation of stamp duty and registration fees, which are based on the higher of the guideline value or the sale price. This ensures that all property transactions are conducted transparently and fairly within the framework set by the Registration Department.

Frequently asked questions

What is the current guideline value of West Tank View Street?

The current guideline value of West Tank View Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 782 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 322% over the years.

What are the other streets in Saidapet with their guideline values?

Other streets in Saidapet include West Jones Road at Rs 8,250 per sq.ft, V.O.C. Street at Rs 3,300 per sq.ft, and Vinayagam Pettai Street at Rs 6,050 per sq.ft, among others.

How is stamp duty calculated for properties on West Tank View Street?

Stamp duty for properties on West Tank View Street is calculated at 7% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft property would incur a stamp duty of Rs 2,31,000 based on the current guideline value.

Where can I find the Sub Registrar Office for West Tank View Street?

The Sub Registrar Office for West Tank View Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.