Guideline Value for Durai Velu Street /Muthamazhi Nagar

Durai Velu Street /Muthamazhi Nagar guideline value

The current guideline value of Durai Velu Street /Muthamazhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class I Type - II.

How the guideline value of Durai Velu Street /Muthamazhi Nagar has changed

The guideline value for Durai Velu Street /Muthamazhi Nagar has seen significant changes over the years. In 2002, the value was Rs 242 per sq.ft, which increased to Rs 274 per sq.ft in 2003, marking a 13% increase. The value rose to Rs 360 per sq.ft in 2007, reflecting a 31% increase from the previous revision. The 2012 revision does not have a recorded figure for this street.

From 2007 to 2017, the guideline value surged to Rs 1,507 per sq.ft, a remarkable increase of 319%. The 2023 revision set the value at Rs 2,250 per sq.ft, which was a 49% increase from 2017. The most recent 2024 revision has established the current guideline value at Rs 2,475 per sq.ft, representing a 10% rise from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 923%.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing Durai Velu Street /Muthamazhi Nagar above this median at Rs 2,475 per sq.ft.

• Duraiswamy Street: Rs 1,760 per sq.ft (2024)
• Durai Street (A.K.) /Muthamazhi Nagar: Rs 2,475 per sq.ft (2024)
• Duraisingam Street/ Samundeswari Nagar: Rs 1,980 per sq.ft (2024)
• Durairaj Street /Gandhi Nagar: Rs 2,475 per sq.ft (2024)
• Durgai Amman Koil Street, Thiruvalluvar Nagar: Rs 2,475 per sq.ft (2024)
• Dulasingam Street / Samundeswari Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Durai Velu Street /Muthamazhi Nagar

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 24,75,000. The stamp duty at 7% would amount to Rs 1,73,250, while the registration fee at 2% would be Rs 49,500, bringing the total cost to Rs 2,22,750. 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 further calculations.

Which Sub Registrar Office covers Durai Velu Street /Muthamazhi Nagar?

The Sub Registrar Office that covers Durai Velu Street /Muthamazhi Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 Pammal

The guideline value is a crucial factor in the registration process for property transactions in Pammal. It serves as a benchmark for determining the value of the property being bought or sold, ensuring that the transaction is recorded accurately in the official registers.

When you register a property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are necessary for the legal transfer of ownership. This process ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Durai Velu Street /Muthamazhi Nagar?

The current guideline value of Durai Velu Street /Muthamazhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly over the years, from Rs 242 per sq.ft in 2002 to Rs 2,475 per sq.ft in 2024, marking an overall increase of 923%.

What are the stamp duty and registration fees for property in this area?

For a 1,000 sq.ft plot, the total guideline value would be Rs 24,75,000. The stamp duty would be Rs 1,73,250, and the registration fee would be Rs 49,500, totaling Rs 2,22,750.

Which Sub Registrar Office covers this street?

The Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, covers Durai Velu Street /Muthamazhi Nagar.

What is the land classification for Durai Velu Street /Muthamazhi Nagar?

Durai Velu Street /Muthamazhi Nagar is classified as Residential Class I Type - II, indicating its suitability for residential purposes.