Guideline Value for Elango Nagar 2nd Street

Elango Nagar 2nd Street guideline value

The current guideline value of Elango Nagar 2nd 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 2nd Street has changed

The guideline value for Elango Nagar 2nd Street has seen several revisions over the years. In 2002, the value was Rs 385 per sq.ft, which increased to Rs 427 per sq.ft in 2003, marking an 11% rise. The subsequent revision in 2007 saw a significant increase to Rs 1,100 per sq.ft, reflecting a 158% change. By 2012, the value was adjusted to Rs 5,000 per sq.ft, resulting in a 355% increase from the previous figure. However, this was followed by a decrease to Rs 3,350 per sq.ft in 2017, which represented a 33% decline. From 2017 to 2023, the value rose to Rs 5,000 per sq.ft, a 49% increase, and the most recent revision in 2024 has set the guideline value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for the years not listed. Therefore, the changes mentioned are strictly based on the available revisions.

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 guideline value for these streets is Rs 4,400 per sq.ft, placing Elango Nagar 2nd Street's 2024 figure above that median.

• Elango Nagar 1st 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 2nd 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, bringing the total fees together to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Elango Nagar 2nd Street?

The Sub Registrar Office that covers Elango Nagar 2nd 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 in the registration process of property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value, as it may influence negotiations and the final sale price. Buyers should also ensure that they are informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Elango Nagar 2nd Street?

The current guideline value of Elango Nagar 2nd 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 385 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting a significant overall increase of 1329% over the years.

What is the land classification of Elango Nagar 2nd Street?

The land classification for Elango Nagar 2nd 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 property in Elango Nagar 2nd Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000.