Guideline Value for Diamond City

Diamond City guideline value

The current guideline value of Diamond City in Vadakarai village is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Redhills Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of Diamond City has changed

The guideline value for Diamond City has seen several revisions over the years. In 2012, the value was Rs 500 per sq.ft, which then decreased to Rs 335 per sq.ft in 2017. The subsequent revision in 2023 raised the value to Rs 500 per sq.ft, and the latest revision in 2024 increased it further to Rs 550 per sq.ft, marking a 10% increase from the previous year.

Looking at the changes, the guideline value rose significantly from Rs 335 per sq.ft in 2017 to Rs 500 per sq.ft in 2023, which is a 49% increase. However, the value dropped by 33% from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Vadakarai

In Vadakarai, there are 15 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft. The median value is Rs 660 per sq.ft, and Diamond City's 2024 figure of Rs 550 per sq.ft is below this median.

• Guna Boosanam Nagar: Rs 550 per sq.ft (2024)
• Madhavaram Redhills High Road: Rs 1,100 per sq.ft (2024)
• New Star City: Rs 550 per sq.ft (2024)
• New Star City 1: Rs 660 per sq.ft (2024)
• New Star City II: Rs 550 per sq.ft (2024)
• New Sun City: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Diamond City

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value amounts to Rs 5,50,000. The stamp duty is charged at 7%, which totals Rs 38,500, while the registration fee at 2% amounts to Rs 11,000. Together, the total fees come to Rs 49,500. 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 City?

The Diamond City area is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for additional information.

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

The guideline value plays a crucial role during the registration process of property transactions in Vadakarai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a buyer or seller engages in a transaction, the guideline value is assessed to calculate the applicable stamp duty and registration fees. This ensures that all transactions are conducted transparently and in accordance with the established regulations.

Frequently asked questions

What is the current guideline value of Diamond City?

The current guideline value of Diamond City is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification of Diamond City?

Diamond City is classified as Residential Class II Type - I, which indicates its intended use for residential purposes.

What are the stamp duty and registration fees for properties in Diamond City?

For a property valued at Rs 5,50,000, the stamp duty is Rs 38,500 at 7%, and the registration fee is Rs 11,000 at 2%, totaling Rs 49,500.

Which office handles registrations for Diamond City?

The Redhills Sub Registrar Office handles registrations for Diamond City, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.