Guideline Value for VALLABHAI PATEL ROAD

Vallabhai Patel Road guideline value

The current guideline value of Vallabhai Patel Road is Rs 2,800 per sq.ft, effective from 1 July 2024. This road is located in Chemmancheri village, under the Neelankarai SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vallabhai Patel Road has changed

The guideline value for Vallabhai Patel Road has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. This was a significant drop of 33%. However, the value rebounded to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% increase from the 2017 figure. The most recent revision in 2024 has further increased the guideline value to Rs 2,800 per sq.ft, reflecting a 12% rise from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 12%.

Guideline values in Chemmancheri

In Chemmancheri village, there are 195 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value among these streets is Rs 1,700 per sq.ft, placing Vallabhai Patel Road's 2024 figure above that median.

• Uma Garden: Rs 3,300 per sq.ft (2024)
• Varadharaj Garden: Rs 1,100 per sq.ft (2024)
• Vedagiri Garden: Rs 1,100 per sq.ft (2024)
• Veerapandiya Kattapomman Street: Rs 1,700 per sq.ft (2024)
• Veervanjinathan Street: Rs 1,700 per sq.ft (2024)
• Vellai Garden: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Vallabhai Patel Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total fees to Rs 2,52,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vallabhai Patel Road?

The Vallabhai Patel Road falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

When buying or selling property in Chemmancheri, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is used as the basis for calculating these fees, ensuring that both the buyer and seller are aware of the official property valuation.

It is essential to understand that the guideline value is set by the registration department and reflects the minimum value at which properties can be registered in the area. Buyers should be aware that the actual sale price may vary, but the guideline value will influence the financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Vallabhai Patel Road?

The current guideline value of Vallabhai Patel Road is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,800 per sq.ft in 2024.

What is the land classification of Vallabhai Patel Road?

Vallabhai Patel Road is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for properties on Vallabhai Patel Road?

For a 1,000 sq.ft plot, the total guideline value is Rs 28,00,000, with stamp duty at Rs 1,96,000 and registration fees at Rs 56,000, totaling Rs 2,52,000.

Which office handles property registration for Vallabhai Patel Road?

The Neelankarai Sub Registrar Office handles property registration for Vallabhai Patel Road, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.