Guideline Value for Elango Nagar 5th Street

Elango Nagar 5th Street guideline value

The current guideline value of Elango Nagar 5th 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 5th Street has changed

The guideline value for Elango Nagar 5th Street has seen significant changes 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 value then jumped to Rs 1,100 per sq.ft in 2007, reflecting a substantial increase of 158%. Following that, the value surged to Rs 5,000 per sq.ft in 2012, a remarkable increase of 355%. However, it decreased to Rs 3,350 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 5,000 per sq.ft in 2023, and most recently, it increased by 10% to the current value of Rs 5,500 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 1329%. There are no figures available for the revisions of years not mentioned in this register for Elango Nagar 5th 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 guideline value in this area is Rs 4,400 per sq.ft, placing Elango Nagar 5th Street's 2024 figure above this median.

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

Stamp duty and registration fee for property in Elango Nagar 5th 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Elango Nagar 5th Street?

The Sub Registrar Office that covers Elango Nagar 5th 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. Buyers and sellers must be aware that the guideline value will influence the stamp duty and registration fees applicable during the transaction.

When registering a property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the stamp duty and registration fees payable to the government. This ensures that the transaction is conducted at a legally recognized value.

Frequently asked questions

What is the current guideline value of Elango Nagar 5th Street?

The current guideline value of Elango Nagar 5th 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 for Elango Nagar 5th Street has increased from Rs 385 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1329% over this period.

What are the stamp duty and registration fees for property in Elango Nagar 5th Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000, and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles property registrations for Elango Nagar 5th Street?

The Virugambakkam Sub Registrar Office handles property registrations for Elango Nagar 5th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Elango Nagar 5th Street?

The land classification for Elango Nagar 5th Street is Residential Class II Type - I, indicating its suitability for residential purposes.