Guideline Value for Elango Nagar 1st Street

Elango Nagar 1st Street guideline value

The current guideline value of Elango Nagar 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Elango Nagar 1st Street has changed

The guideline value for Elango Nagar 1st Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 351 per sq.ft. This increased to Rs 389 per sq.ft in 2003, marking an increase of 11%. The 2007 revision saw a significant jump to Rs 1,100 per sq.ft, which was an increase of 183%. In 2012, the value was Rs 5,000 per sq.ft, reflecting a substantial rise of 355%. However, in the 2017 revision, it decreased to Rs 3,350 per sq.ft, a drop of 33%. The value then increased to Rs 5,000 per sq.ft in 2023, and finally, it stands at Rs 5,500 per sq.ft in the 2024 revision, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1467%. There are no figures available for the revisions in years other than those listed above 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. The median value is Rs 4,400 per sq.ft, indicating that Elango Nagar 1st Street's 2024 figure is above this median.

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

Stamp duty and registration fee for property in Elango Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Elango Nagar 1st Street?

The Sub Registrar Office that covers Elango Nagar 1st Street 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 crucial factor when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. This value is used to calculate the stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Elango Nagar 1st Street?

The current guideline value of Elango Nagar 1st Street 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 from Rs 351 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, showing significant increases and a few decreases in between.

What is the land classification for Elango Nagar 1st Street?

The land classification for Elango Nagar 1st Street is Residential Class II Type - I.

Where is the Virugambakkam Sub Registrar Office located?

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

How is stamp duty calculated for properties in Elango Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property at the current guideline value, the stamp duty would be calculated accordingly.