Guideline Value for ELUMALAI NAGAR

Elumalai Nagar guideline value

The current guideline value for Elumalai Nagar, located in Padi village under the Villivakkam SRO, is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class V Type - I.

How the guideline value of Elumalai Nagar has changed

The guideline value for Elumalai Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 508 per sq.ft. This increased to Rs 570 per sq.ft in 2003, marking a 12% rise. The value then rose significantly to Rs 850 per sq.ft in 2007, which was a 49% increase. Following this, the 2012 revision showed a decrease to Rs 2,300 per sq.ft, a drop of 33%. The value increased again to Rs 1,541 per sq.ft in 2017, which was a 49% increase from the previous revision. The 2023 revision set the value at Rs 2,300 per sq.ft, and the most recent 2024 revision has raised it to Rs 2,500 per sq.ft, reflecting a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 392%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft in 2024. The median value for these streets is Rs 3,800 per sq.ft, indicating that Elumalai Nagar's 2024 figure is below this median.

• Emerald Flats (Estate Road, Mogappair Road): Rs 9,900 per sq.ft (2024)
• ELANGO NAGAR MAIN ROAD (Moorthy Nagar Main Road): Rs 4,400 per sq.ft (2024)
• Elango Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• ELANGO NAGAR 3rd STREET: Rs 4,400 per sq.ft (2024)
• ELANGO NAGAR 2nd STREET: Rs 4,400 per sq.ft (2024)
• ELANGO NAGAR 1st STREET: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Elumalai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total to Rs 2,25,000. 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 Elumalai Nagar?

The Sub Registrar Office that covers Elumalai Nagar 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 Padi

The guideline value is a crucial factor when registering property transactions in Padi. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Elumalai Nagar?

The current guideline value of Elumalai Nagar is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 508 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 392% over the years.

What is the land classification of Elumalai Nagar?

Elumalai Nagar is classified as Residential Class V Type - I.

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

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000, and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which Sub Registrar Office covers Elumalai Nagar?

The Villivakkam Sub Registrar Office covers Elumalai Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.