Guideline Value for ELUMALAI STREET

Elumalai Street guideline value

The current guideline value of Elumalai Street in Vengathur village is Rs 600 per sq.ft, effective from 1 July 2024. This street falls under the Manavalanagar SRO and is classified as Residential Class III Type - I.

How the guideline value of Elumalai Street has changed

Over the years, the guideline value of Elumalai Street has seen several revisions. The 2007 revision set the value at Rs 125 per sq.ft, which increased significantly to Rs 600 per sq.ft in the 2012 revision. However, in the 2017 revision, the value dropped to Rs 402 per sq.ft, before rising again to Rs 600 per sq.ft in both the 2023 and 2024 revisions. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, while from 2012 to 2017, it decreased by 33%. The substantial increase from 2007 to 2012 was 380%. Overall, from 2007 to 2024, the guideline value has risen by 380%.

Guideline values in Vengathur

In Vengathur, there are 186 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 2,000 per sq.ft, with a median value of Rs 1,000 per sq.ft. Elumalai Street's 2024 guideline value is below this median.

• Elumalai Naicker Street: Rs 1,300 per sq.ft (2024)
• Elango Steet: Rs 1,300 per sq.ft (2024)
• Elango Adigal Street: Rs 1,300 per sq.ft (2024)
• E.A.P.Sivaji Street: Rs 1,300 per sq.ft (2024)
• Durai Kannu Street: Rs 1,300 per sq.ft (2024)
• Dr.RAMADOSS STREET: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Elumalai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value amounts to Rs 6,00,000. The stamp duty at 7% would be Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total cost for these fees to Rs 54,000. It is important to note that 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 assistance.

Which Sub Registrar Office covers Elumalai Street?

The Sub Registrar Office that covers Elumalai Street is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Vengathur. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. This ensures that the government receives its due revenue from property sales.

Additionally, the guideline value serves as a reference point for property valuation, helping buyers and sellers understand the official value of the property. It is essential to consider this value during negotiations, as it impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Elumalai Street?

The current guideline value of Elumalai Street is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 125 per sq.ft in 2007 to Rs 600 per sq.ft in 2012, then decreasing to Rs 402 per sq.ft in 2017, and finally returning to Rs 600 per sq.ft in both 2023 and 2024.

What are the stamp duty rates for property in Elumalai Street?

The stamp duty for property in Elumalai Street is calculated at 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 6,00,000, the stamp duty would amount to Rs 42,000.

Which office handles the registration for Elumalai Street?

The registration for Elumalai Street is handled by the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai.

How do other streets in Vengathur compare in guideline value?

Other streets in Vengathur have varying guideline values, with rates ranging from Rs 500 to Rs 2,000 per sq.ft. Elumalai Street's 2024 guideline value of Rs 600 per sq.ft is below the median value of Rs 1,000 per sq.ft for the village.