Guideline Value for Elumalai Street

Elumalai Street guideline value

The current guideline value of Elumalai Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village under the Virugambakkam SRO and is classified as Residential Class II Type - II.

How the guideline value of Elumalai Street has changed

The guideline value for Elumalai Street has undergone several revisions over the years. The earliest recorded figure is from 2007, set at Rs 500 per sq.ft. This value saw a significant increase in 2012, rising to Rs 3,000 per sq.ft, which represents a remarkable 500% increase. However, the register has no figures for the years 2002, 2003, 2017, and 2023.

In the latest revision in 2024, the guideline value increased by 10% to Rs 3,300 per sq.ft. Overall, from 2007 to 2024, the guideline value has increased by 560%, reflecting the changes in the property market over the years.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft in 2024. The median guideline value for these streets is Rs 3,850 per sq.ft, placing Elumalai Street's 2024 value below this median.

• Egathamman Street: Rs 3,300 per sq.ft (2024)
• East Kamakodi nagar main road: Rs 4,400 per sq.ft (2024)
• East Kamakodi Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• East Kamakodi Nagar 4th Cross Street: Rs 4,400 per sq.ft (2024)
• East Kamakodi Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• East Kamakodi Nagar 3rd Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Elumalai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, leading to a total of Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Elumalai Street?

The Sub Registrar Office that covers Elumalai 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 Valasaravakkam

The guideline value is a crucial factor in property transactions in Valasaravakkam, as it determines the amount of stamp duty and registration fees that must be paid during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value serves as a benchmark for the transaction, and it is essential for both parties to be aware of this value to avoid any discrepancies during the sale. The registration process is facilitated by the local Sub Registrar Office, where these values are officially recorded.

Frequently asked questions

What is the current guideline value of Elumalai Street?

The current guideline value of Elumalai Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 560% over the years.

What is the land classification for Elumalai Street?

Elumalai Street is classified as Residential Class II Type - II, indicating its designation for residential purposes.

Where can I find the registration office for Elumalai Street?

The registration office for Elumalai Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Elumalai Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at a rate of 7%.