Guideline Value for VALAVAN STREET

Valavan Street guideline value

The current guideline value of Valavan Street in Vengathur village is Rs 800 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Manavalanagar SRO and is classified as Residential Class I Type - II.

How the guideline value of Valavan Street has changed

Over the years, the guideline value of Valavan Street has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 125 per sq.ft. This increased significantly to Rs 800 per sq.ft in 2012, marking a substantial rise of 540%. However, from 2012 to 2017, the value decreased to Rs 536 per sq.ft, a drop of 33%. The subsequent revisions saw the value rise again to Rs 800 per sq.ft in 2023 and remain the same in 2024, indicating no change from the previous year.

The register does not contain figures for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 540%.

Guideline values in Vengathur

In Vengathur, there are 186 streets under the Manavalanagar SRO that carry a 2024 guideline value, ranging from Rs 500 to Rs 2,000 per sq.ft, with a median value of Rs 1,000 per sq.ft. Valavan Street's current figure of Rs 800 per sq.ft is below this median.

• Vallalar Street: Rs 800 per sq.ft (2024)
• Vaikai Street: Rs 1,300 per sq.ft (2024)
• Valli Street: Rs 800 per sq.ft (2024)
• Varalakshmi Nagar: Rs 1,300 per sq.ft (2024)
• Va.Voo.See. Street: Rs 1,300 per sq.ft (2024)
• Veenas Street: Rs 800 per sq.ft (2024)

Stamp duty and registration fee for property in Valavan Street

For a 1,000 sq.ft plot at the current rate of Rs 800 per sq.ft, the guideline value would amount to Rs 8,00,000. The stamp duty, charged at 7%, would be Rs 56,000, and the registration fee at 2% would be Rs 16,000, bringing the total to Rs 72,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Valavan Street?

The Sub Registrar Office that covers Valavan Street is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Vengathur. It is used to determine the stamp duty and registration fees payable at the time of property registration. Buyers and sellers must ensure that the property is registered at or above the guideline value to comply with legal requirements.

When a property is sold, the guideline value serves as a benchmark for taxation purposes. It helps in assessing the fair value of the property, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Valavan Street?

The current guideline value of Valavan Street is Rs 800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 125 per sq.ft in 2007 and reaching Rs 800 per sq.ft in 2012, with fluctuations in between, including a drop to Rs 536 per sq.ft in 2017.

What is the land classification of Valavan Street?

Valavan Street is classified as Residential Class I Type - II under the guideline value register.

Where is the Manavalanagar Sub Registrar Office located?

The Manavalanagar Sub Registrar Office is located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.

How is the stamp duty calculated for properties in Valavan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at Rs 800 per sq.ft, the total guideline value would be Rs 8,00,000, leading to a stamp duty of Rs 56,000.