Guideline Value for Watkins Street

Watkins Street guideline value

The current guideline value of Watkins Street is Rs 3,500 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village under the Sembiam SRO, and the land classification is Residential Special Type - II.

How the guideline value of Watkins Street has changed

The guideline value of Watkins Street has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 539 per sq.ft. This increased to Rs 584 per sq.ft in 2003, marking a rise of 8%. The value continued to rise significantly, reaching Rs 900 per sq.ft in 2007, which was an increase of 54%. The 2012 revision saw a decrease, with the value set at Rs 3,200 per sq.ft, a drop of 256%. However, the value rebounded to Rs 2,144 per sq.ft in 2017, reflecting a 49% increase from the previous revision. The 2023 revision set the value at Rs 3,200 per sq.ft, before the current revision to Rs 3,500 per sq.ft in 2024, which is a 9% increase.

There are no figures available for the revisions in years other than those mentioned. The overall change from 2002 to 2024 shows an increase of 549% in the guideline value.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value for Watkins Street is above this median.

• Verkadalaisamy Street: Rs 2,700 per sq.ft (2024)
• Venkatesan Nagar / Venkateswara Nagar: Rs 1,900 per sq.ft (2024)
• Vasudevagramani Street: Rs 2,200 per sq.ft (2024)
• Vajiravelu Mudali Street: Rs 2,700 per sq.ft (2024)
• Union Public Lane: Rs 2,700 per sq.ft (2024)
• Thivuvalluvar Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Watkins Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,500 per sq.ft, the total guideline value would be Rs 35,00,000. The stamp duty at 7% would amount to Rs 2,45,000, and the registration fee at 2% would be Rs 70,000, making the total cost for these fees Rs 3,15,000. 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 Watkins Street?

The Sub Registrar Office that covers Watkins Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Sembiam. It determines the minimum value at which a property can be registered and is used to calculate the applicable stamp duty and registration fees. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value serves as a benchmark for the transaction. If the sale price is higher than the guideline value, the duty is charged on the sale price; otherwise, it is charged on the guideline value. This ensures that the government receives the appropriate fees during the registration process.

Frequently asked questions

What is the current guideline value of Watkins Street?

The current guideline value of Watkins Street is Rs 3,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 539 per sq.ft in 2002 to Rs 3,500 per sq.ft in 2024, marking an overall increase of 549%.

What is the land classification for Watkins Street?

Watkins Street is classified as Residential Special Type - II, which is relevant for property transactions and regulations in the area.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, and the registration fee is 2%. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 3,15,000.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find more information by visiting the relevant link.