Guideline Value for Elango Nagar South

Elango Nagar South guideline value

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

How the guideline value of Elango Nagar South has changed

The guideline value for Elango Nagar South has seen several revisions over the years. The earliest recorded revision was in 2002, with a guideline value of Rs 385 per sq.ft. This increased to Rs 427 per sq.ft in 2003, marking an 11% rise. The value then surged significantly to Rs 1,450 per sq.ft in 2007, reflecting a 240% increase. In 2012, the value was Rs 5,000 per sq.ft, which was a substantial 245% increase from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 3,350 per sq.ft, representing a decline of 33%. However, it rebounded to Rs 5,000 per sq.ft in 2023, a 49% increase. The latest revision in 2024 set the guideline value at Rs 5,500 per sq.ft, marking a 10% increase from the previous year. There are no figures for revisions in years not listed.

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 for these streets is Rs 4,400 per sq.ft, placing Elango Nagar South's 2024 figure above this median.

• Elango Nagar Main Road: 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 South

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. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Elango Nagar South?

The Sub Registrar Office that covers Elango Nagar South 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 plays a crucial role in the registration of property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Elango Nagar South?

The current guideline value of Elango Nagar South 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% over the years.

What is the land classification for Elango Nagar South?

Elango Nagar South is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Elango Nagar South?

The Sub Registrar Office for Elango Nagar South is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Elango Nagar South?

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