Guideline Value for West Street

West Street guideline value

The current guideline value of West Street in Tambaram village, under the Tambaram Joint 1 SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of West Street has changed

The guideline value for West Street has seen significant changes over the years. In 2002, the value was Rs 264 per sq.ft, which increased to Rs 325 per sq.ft in 2003, marking a rise of 23%. The value further increased to Rs 500 per sq.ft in 2007, a substantial jump of 54%. Following this, the value soared to Rs 3,000 per sq.ft in 2012, reflecting a remarkable increase of 500%. However, it then decreased to Rs 2,010 per sq.ft in 2017, showing a decline of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and most recently, it has increased to Rs 3,300 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1150%. The register has no figures for revisions in years other than those listed above.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is equal to the current value for West Street.

• Well Street (Ethirajapuram): Rs 3,300 per sq.ft (2024)
• V.V. Avenue: Rs 2,200 per sq.ft (2024)
• V.O.C. Street: Rs 6,600 per sq.ft (2024)
• Vishnu Nagar extn: Rs 2,200 per sq.ft (2024)
• Vishnu Nagar: Rs 2,200 per sq.ft (2024)
• Vinayaga Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in West Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total Rs 2,97,000. 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 Street?

The Sub Registrar Office that covers West Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering a property in Tambaram. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property transactions.

When you buy or sell property, 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.

Frequently asked questions

What is the current guideline value of West Street?

The current guideline value of West 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 increased from Rs 264 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1150% over the years.

What is the land classification for West Street?

West Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for a property on West Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles registrations for West Street?

The Tambaram Joint 1 Sub Registrar Office handles registrations for West Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.