Guideline Value for Perumal Koil 1st Street

Perumal Koil 1st Street guideline value

The current guideline value of Perumal Koil 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. It falls under the Residential Class IV Type - II land classification.

How the guideline value of Perumal Koil 1st Street has changed

The guideline value for Perumal Koil 1st Street has seen several revisions over the years. In 2007, the guideline value was Rs 750 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,750 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a substantial increase of 49%. The increase from 2012 to 2017 represented a decline of 33%. The jump from 2007 to 2012 was remarkable at 233%. Overall, from 2007 to 2024, the guideline value has increased by 267%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO with 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 Perumal Koil 1st Street's current value below this median.

• Perumal Koil 2nd Street: Rs 2,750 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 2,750 per sq.ft (2024)
• Ponnambalam Road: Rs 7,150 per sq.ft (2024)
• Pasumpon Muthuramalingam Devar Salai, Venkatesa Nagar, Rajaji Colony: Rs 7,700 per sq.ft (2024)
• Padmavathi Nagar: Rs 4,400 per sq.ft (2024)
• P.V.Rjamannar Salai: Rs 7,150 per sq.ft (2024)

Stamp duty and registration fee for property in Perumal Koil 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Perumal Koil 1st Street?

The Sub Registrar Office that covers Perumal Koil 1st 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 details.

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

The guideline value is a crucial factor in the registration process for property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value of a property, ensuring that the sale price reflects the prevailing market conditions as assessed by the local authorities.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for all transactions. Buyers and sellers must be aware of these values to ensure compliance with local regulations and to avoid any legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Perumal Koil 1st Street?

The current guideline value of Perumal Koil 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 267% during this period.

What is the land classification for Perumal Koil 1st Street?

Perumal Koil 1st Street is classified as Residential Class IV Type - II according to the land classification regulations.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles property registrations for Perumal Koil 1st Street?

The Virugambakkam Sub Registrar Office handles property registrations for Perumal Koil 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.