Guideline Value for Thiruvalluvar 2nd Street

Thiruvalluvar 2nd Street guideline value

The current guideline value of Thiruvalluvar 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Thiruvalluvar 2nd Street has changed

The guideline value for Thiruvalluvar 2nd Street has seen several revisions over the years. The earliest recorded value in 2002 was Rs 550 per sq.ft, which increased to Rs 609 per sq.ft in 2003, marking an 11% rise. By 2007, the value surged to Rs 750 per sq.ft, reflecting a 23% increase. The 2012 revision brought the value back up to Rs 3,000 per sq.ft, showing a significant 300% increase from 2007. However, this value dropped to Rs 2,010 per sq.ft in 2017, resulting in a 33% decrease. The value then rose to Rs 3,000 per sq.ft in 2023, a 49% increase, before reaching the current value of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Throughout these revisions, there are no figures available for the years not listed in the register. The overall change from 2002 to 2024 shows a substantial increase of 500% in the guideline value.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry 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 Thiruvalluvar 2nd Street is below this median.

• Thiruvalluvar 1st Street: Rs 3,300 per sq.ft (2024)
• Thiruvalluvar 3rd Street: Rs 3,300 per sq.ft (2024)
• Thiruvalluvar Colony: Rs 6,600 per sq.ft (2024)
• Thiruvalluvar Road: Rs 3,300 per sq.ft (2024)
• Thirukkai Avenue Street: Rs 2,750 per sq.ft (2024)
• Thiruvengadam Street (Reddy Street Near): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Thiruvalluvar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, these fees would total Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thiruvalluvar 2nd Street?

The Sub Registrar Office that covers Thiruvalluvar 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 more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the transaction is recorded at a fair value, which is essential for taxation purposes.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees that need to be paid. Buyers must be aware that these fees are calculated based on the higher of the guideline value or the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Thiruvalluvar 2nd Street?

The current guideline value of Thiruvalluvar 2nd 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 significantly from Rs 550 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 500% over this period.

What is the registration office for Thiruvalluvar 2nd Street?

The registration office for Thiruvalluvar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the stamp duty and registration fees for a property in Thiruvalluvar 2nd Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

How do I calculate the stamp duty and registration fees?

You can calculate the stamp duty and registration fees using the stamp duty and registration fee calculator available online.