Guideline Value for Elumalai Nagar

Elumalai Nagar guideline value

The current guideline value of Elumalai Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of Elumalai Nagar has changed

In the 2012 revision, the guideline value was Rs 1,500 per sq.ft. This figure remained until the 2017 revision when it decreased to Rs 1,005 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 1,500 per sq.ft in the 2023 revision, followed by a further increase to Rs 1,650 per sq.ft in the 2024 revision, which is a rise of 10% from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the 2012 figure to the 2024 figure, the guideline value has increased by 10% over the twelve-year period.

Guideline values in Varadarajapuram

Varadarajapuram has a total of 250 streets under the Padappai SRO, with 2024 guideline values ranging from Rs 880 to Rs 4,100 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is the same as the current value for Elumalai Nagar.

• Eswari Nagar: Rs 1,100 per sq.ft (2024)
• Euyropa Carmel Layout: Rs 1,650 per sq.ft (2024)
• E.V.P Sriram Nagar: Rs 1,320 per sq.ft (2024)
• Fortune Residency: Rs 1,650 per sq.ft (2024)
• Gajalakshmi Nagar: Rs 1,320 per sq.ft (2024)
• Gajalakshmi Nagar @ Marvel County: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Elumalai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value is Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. 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 Elumalai Nagar?

The Sub Registrar Office that covers Elumalai Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Varadarajapuram, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to ensure that the sale price is not below the guideline value to avoid any legal issues. The guideline value serves as a benchmark for property transactions, ensuring transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Elumalai Nagar?

The current guideline value of Elumalai Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally reached Rs 1,650 per sq.ft in 2024.

What is the land classification of Elumalai Nagar?

Elumalai Nagar is classified as Residential Special Type - II, which indicates its intended use for residential purposes.

What are the stamp duty and registration fees for property in Elumalai Nagar?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Where is the Sub Registrar Office for Elumalai Nagar located?

The Sub Registrar Office for Elumalai Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.