Guideline Value for Wheat Crofts Road

Wheat Crofts Road guideline value

The current guideline value of Wheat Crofts Road is Rs 10,400 per sq.ft, effective from 1 July 2024. This road is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Wheat Crofts Road has changed

The guideline value of Wheat Crofts Road has seen significant changes over the years. In the 2007 revision, the value was Rs 4,200 per sq.ft, which increased to Rs 9,500 per sq.ft in 2012. However, it then decreased to Rs 6,365 per sq.ft in 2017. Following this, the value rose sharply to Rs 9,500 per sq.ft in 2023, and most recently to Rs 10,400 per sq.ft in 2024, marking a 9% increase from the previous year.

From 2017 to 2023, the increase was substantial at 49%, while the value dropped by 33% from 2012 to 2017. The most notable increase occurred from 2007 to 2012, with a rise of 126%. Overall, from 2007 to 2024, the guideline value has increased by 148%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Wheat Crofts Road's 2024 figure above this median.

• West Mada Street: Rs 6,600 per sq.ft (2024)
• Wallace Garden 3rd Street: Rs 9,900 per sq.ft (2024)
• Wallace Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Wallace Garden 1st Street: Rs 9,900 per sq.ft (2024)
• Wallace Garden: Rs 9,900 per sq.ft (2024)
• Vijayalakshmi Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Wheat Crofts Road

For a 1,000 sq.ft plot at the current guideline value of Rs 10,400 per sq.ft, the total guideline value would be Rs 1,04,00,000. The stamp duty at 7% would amount to Rs 7,28,000, and the registration fee at 2% would be Rs 2,08,000, bringing the total to Rs 9,36,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Wheat Crofts Road?

The Sub Registrar Office that covers Wheat Crofts Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your specific SRO, visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal and financial obligations during the property transfer process.

Additionally, the guideline value helps in assessing the fair value of the property in the eyes of the government, which is essential for tax purposes. It is advisable for property buyers to consult the latest guideline values to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Wheat Crofts Road?

The current guideline value of Wheat Crofts Road is Rs 10,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 4,200 per sq.ft in 2007 to Rs 10,400 per sq.ft in 2024, showing an overall increase of 148% over the years.

What is the land classification for Wheat Crofts Road?

Wheat Crofts Road is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Wheat Crofts Road?

The Sub Registrar Office for Wheat Crofts Road is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the stamp duty calculated for properties on Wheat Crofts Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 1,04,00,000, the stamp duty would be Rs 7,28,000 at the current rate of 7%.