Guideline Value for NORTH MAIN ROAD

North Main Road guideline value

The current guideline value of North Main Road is Rs 12,100 per sq.ft, effective from 1 July 2024. This road is located in Villivakkam village, under the Villivakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of North Main Road has changed

The guideline value for North Main Road has undergone several revisions over the years. The earliest available figure is from 2012, which was Rs 11,000 per sq.ft. In the subsequent revision in 2017, the value decreased to Rs 7,370 per sq.ft. However, this figure saw a significant increase in 2023, rising to Rs 11,000 per sq.ft, and then further increased by 10% to reach Rs 12,100 per sq.ft in the 2024 revision.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. The overall change from the 2012 revision to the 2024 revision reflects a modest increase of 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, placing North Main Road's 2024 figure above this median.

• N.R.N.Avenue: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony 1st Lane: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony 2nd Lane: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony Main Road: Rs 3,300 per sq.ft (2024)
• New Avadi Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in North Main Road

For a 1,000 sq.ft plot at the current rate of Rs 12,100 per sq.ft, the guideline value would be Rs 1,21,00,000. The stamp duty at 7% would be Rs 8,47,000, and the registration fee at 2% would be Rs 2,42,000, totaling Rs 10,89,000. 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 North Main Road?

The Sub Registrar Office that covers North Main Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Villivakkam. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that these costs are aligned with the official valuations set by the government.

When buying or selling property, it is essential to understand that the guideline value is the baseline for calculating these fees. Buyers should be aware that the final costs may vary based on the higher of the guideline value or the sale price of the property.

Frequently asked questions

What is the current guideline value of North Main Road?

The current guideline value of North Main Road is Rs 12,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 11,000 per sq.ft in 2012 to Rs 7,370 per sq.ft in 2017, then back to Rs 11,000 per sq.ft in 2023, and finally to Rs 12,100 per sq.ft in 2024.

What is the land classification of North Main Road?

North Main Road is classified as Residential Class I Type - II, indicating its suitability for residential development.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for properties in North Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 12,100 per sq.ft, the total guideline value would be Rs 1,21,00,000, leading to a stamp duty of Rs 8,47,000.