Guideline Value for Elango Nagar Main Road

Elango Nagar Main Road guideline value

The current guideline value of Elango Nagar Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024. This road is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Elango Nagar Main Road has changed

The guideline value for Elango Nagar Main Road has seen significant changes over the years. In 2002, the guideline value was Rs 385 per sq.ft, which increased to Rs 427 per sq.ft in 2003, marking an increase of 11%. The value then rose dramatically to Rs 1,100 per sq.ft in 2007, reflecting a 158% increase. Following this, the value surged to Rs 5,000 per sq.ft in 2012, an increase of 355%. However, it decreased to Rs 3,350 per sq.ft in 2017, a drop of 33%. The value then rose to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1329%. There are no revisions with figures missing for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Elango Nagar Main Road's 2024 guideline value is above this median.

• Elango Nagar South: Rs 5,500 per sq.ft (2024)
• Elango Nagar Annexe: Rs 5,500 per sq.ft (2024)
• Elango Nagar 5th Street: Rs 5,500 per sq.ft (2024)
• Elango Nagar 4th Street: Rs 5,500 per sq.ft (2024)
• Elango Nagar 3rd Street: Rs 5,500 per sq.ft (2024)
• Elango Nagar 2nd Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Elango Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. 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 further assistance.

Which Sub Registrar Office covers Elango Nagar Main Road?

The Sub Registrar Office that covers Elango Nagar Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property in Virugambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold. The guideline value ensures that the property is registered at a value that reflects the prevailing market conditions.

When you buy or sell property, the guideline value is used to calculate the applicable fees. This process helps maintain transparency in property transactions, ensuring that both buyers and sellers are aware of the financial obligations involved in the registration process.

Frequently asked questions

What is the current guideline value of Elango Nagar Main Road?

The current guideline value of Elango Nagar Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 385 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1329%.

What is the stamp duty for property in Elango Nagar Main Road?

The stamp duty for a property valued at Rs 55,00,000 would be Rs 3,85,000, calculated at 7% of the guideline value.

Where is the Sub Registrar Office for Elango Nagar Main Road located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the property is registered at a value that reflects the current market conditions.