Guideline Value for ELANGO NAGAR

Elango Nagar guideline value

The current guideline value for Elango Nagar, located in Padi village under the Villivakkam SRO, is Rs 4,400 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class III Type - III land classification.

How the guideline value of Elango Nagar has changed

Over the years, the guideline value for Elango Nagar has seen several revisions. The earliest recorded revision in 2007 set the value at Rs 850 per sq.ft. This figure increased significantly to Rs 4,000 per sq.ft in 2012, marking a rise of 371%. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, a drop of 33%. The value then surged to Rs 4,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 raised the guideline value to Rs 4,400 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for Elango Nagar. Overall, from 2007 to 2024, the guideline value has increased by 418%.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, indicating that Elango Nagar's 2024 figure of Rs 4,400 per sq.ft is above this median.

• ELANGO NAGAR 1st STREET: Rs 4,400 per sq.ft (2024)
• ELANGO NAGAR 2nd STREET: Rs 4,400 per sq.ft (2024)
• ELANGO NAGAR 3rd STREET: Rs 4,400 per sq.ft (2024)
• Elango Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• ELANGO NAGAR MAIN ROAD (Moorthy Nagar Main Road): Rs 4,400 per sq.ft (2024)
• Elumalai Nagar: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Elango Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty, charged at 7%, would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost would be Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Elango Nagar?

The Elango Nagar area is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Padi. It serves as a reference point for calculating the stamp duty and registration fees, which are mandatory for legal property transfers.

When a property is bought or sold, the registration office uses the guideline value to determine the applicable charges. Buyers should be aware that the duty is levied on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue during the transaction.

Frequently asked questions

What is the current guideline value of Elango Nagar?

The current guideline value of Elango Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 850 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 418%.

What are the stamp duty and registration fees for property in Elango Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 44,00,000, the total stamp duty and registration fees would amount to Rs 3,96,000.

Which office handles property registrations in Elango Nagar?

The Villivakkam Sub Registrar Office handles property registrations for Elango Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What land classification does Elango Nagar fall under?

Elango Nagar is classified as Residential Class III Type - III, which is relevant for determining its guideline value.