Guideline Value for DIAMOND FLATS

Diamond Flats guideline value

The current guideline value for Diamond Flats is Rs 12,100 per sq.ft, effective from 1 July 2024. This property is located in Villivakkam village, under the Villivakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Diamond Flats has changed

The guideline value for Diamond Flats has seen significant changes over the years. The earliest recorded figure is Rs 1,146 per sq.ft from 2002, which increased to Rs 1,300 per sq.ft in 2003, marking a 13% rise. In 2007, the value surged to Rs 2,050 per sq.ft, reflecting a 58% increase. The value then jumped dramatically to Rs 11,000 per sq.ft in 2012, representing a 437% increase. However, it dropped to Rs 7,370 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 11,000 per sq.ft in 2023, before reaching the current figure of Rs 12,100 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 956%. There are no recorded figures for the years between the revisions listed above for this street.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median value is Rs 4,900 per sq.ft, placing Diamond Flats above this median.

• Deepam Flats: Rs 13,200 per sq.ft (2024)
• East Main Road: Rs 12,100 per sq.ft (2024)
• Embar Naidu 1st Lane: Rs 2,200 per sq.ft (2024)
• Embar Naidu 1st Street: Rs 2,200 per sq.ft (2024)
• Embar Naidu 2nd Lane: Rs 2,200 per sq.ft (2024)
• Embar Naidu 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Diamond Flats

For a 1,000 sq.ft plot at the current guideline value of Rs 12,100 per sq.ft, the total guideline value amounts to Rs 1,21,00,000. The stamp duty at 7% would be Rs 8,47,000, and the registration fee at 2% would be Rs 2,42,000, resulting in a total of Rs 10,89,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Diamond Flats?

The Sub Registrar Office that covers Diamond Flats is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Villivakkam. It serves as a benchmark for determining the minimum price at which a property can be sold or bought, ensuring that the transaction is recorded at a value that reflects the current market standards.

When you proceed with a property transaction, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values.

Frequently asked questions

What is the current guideline value for Diamond Flats?

The current guideline value for Diamond Flats is Rs 12,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,146 per sq.ft in 2002 to Rs 12,100 per sq.ft in 2024, marking an overall increase of 956% over this period.

What is the stamp duty for property in Diamond Flats?

The stamp duty for property in Diamond Flats is calculated at 7% of the guideline value. For a 1,000 sq.ft plot, this amounts to Rs 8,47,000.

What is the registration fee for property in Diamond Flats?

The registration fee is charged at 2% of the guideline value. For a 1,000 sq.ft plot, this would be Rs 2,42,000.

Where is the Sub Registrar Office for Diamond Flats located?

The Sub Registrar Office for Diamond Flats is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.