Guideline Value for Weavers Street

Weavers Street guideline value

The current guideline value of Weavers Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village under the Triplicane SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Weavers Street has changed

The guideline value for Weavers Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 508 per sq.ft. This figure increased to Rs 558 per sq.ft in 2003, marking a 10% rise. The value then saw a significant jump to Rs 945 per sq.ft in 2007, which was a 69% increase. Following this, the 2012 revision set the value at Rs 6,000 per sq.ft, reflecting a remarkable 535% increase from the previous figure.

In the subsequent revisions, the value changed to Rs 4,020 per sq.ft in 2017, which was a decrease of 33%. The 2023 revision brought the value back up to Rs 6,000 per sq.ft, and finally, the current value as of 2024 is Rs 6,600 per sq.ft, representing a 10% increase from the previous year. There are no figures available for revisions in any other years for this street.

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 is Rs 6,600 per sq.ft, which is equal to the current guideline value of Weavers Street.

• Welders Street: Rs 7,700 per sq.ft (2024)
• Wallers Road: Rs 16,500 per sq.ft (2024)
• Wallers 2nd Lane: Rs 13,200 per sq.ft (2024)
• Wallers 1st Lane: Rs 13,200 per sq.ft (2024)
• Wallajah Salai: Rs 14,300 per sq.ft (2024)
• West Cott Road: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Weavers Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total to Rs 5,94,000. Please note that 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 Weavers Street?

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

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

The guideline value is a crucial factor during the registration of property transactions in Triplicane. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is important for buyers to be aware of the guideline value to ensure they are paying a fair amount during the transaction.

Frequently asked questions

What is the current guideline value of Weavers Street?

The current guideline value of Weavers Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 508 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 1199% over the years.

What are the stamp duty and registration fees for Weavers Street?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which office handles registrations for Weavers Street?

The Triplicane Sub Registrar Office handles registrations for Weavers Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value of a property, ensuring that the appropriate stamp duty and registration fees are collected during property transactions.