Guideline Value for Perumal Koil 2nd Street

Perumal Koil 2nd Street guideline value

The current guideline value of Perumal Koil 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Perumal Koil 2nd Street has changed

The guideline value for Perumal Koil 2nd Street has undergone several revisions over the years. The earliest recorded figure is from the 2012 revision, which was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in the 2017 revision. The 2023 revision saw an increase to Rs 2,500 per sq.ft, and the latest revision in 2024 has raised it to Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, there has been a significant increase of 49%. Additionally, the guideline value has increased by 33% from the 2007 revision, which was Rs 2,075 per sq.ft. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Perumal Koil 2nd Street is below this median.

• Perumal Koil 1st 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 2nd Street

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

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

Which Sub Registrar Office covers Perumal Koil 2nd Street?

The Sub Registrar Office that covers Perumal Koil 2nd 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 additional assistance.

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

The guideline value is a crucial factor during property registration in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transfer of property ownership. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value for Perumal Koil 2nd Street?

The current guideline value for Perumal Koil 2nd 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 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, showing an overall increase of 49% during this period.

What are the other streets in Virugambakkam with the same guideline value?

Other streets in Virugambakkam with the same guideline value of Rs 2,750 per sq.ft include Perumal Koil 1st Street and Pillaiyar Koil Street.

What is the registration fee for property in Perumal Koil 2nd Street?

The registration fee for property in Perumal Koil 2nd Street is calculated at 2% of the guideline value, which would be Rs 55,000 for a 1,000 sq.ft plot at the current rate.

Where is the Sub Registrar Office located for this street?

The Sub Registrar Office covering Perumal Koil 2nd Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.