Guideline Value for VALLALAR NAGAR

Vallalar Nagar guideline value

The current guideline value of Vallalar Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Vanagaram village and falls under the Chennai South Joint I SRO, classified as Residential Class IV Type - III.

How the guideline value of Vallalar Nagar has changed

The guideline value for Vallalar Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which then changed to Rs 670 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,000 per sq.ft, and the most recent 2024 revision raised it to Rs 1,100 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. From 2017 to 2023, the value rose by 49%, while there was a decrease of 33% from 2012 to 2017. Overall, the guideline value from 2012 to 2024 has increased by 10%.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft, with a median value of Rs 1,660 per sq.ft. Vallalar Nagar's 2024 figure is below this median.

• Vallalar Nagar 1st Street: Rs 1,100 per sq.ft (2024)
• Valliyammal Nagar: Rs 1,100 per sq.ft (2024)
• Vanagaram Seik Manyam: Rs 1,320 per sq.ft (2024)
• Vellammal Palli Street: Rs 1,660 per sq.ft (2024)
• Vembuli Naicker Street: Rs 1,660 per sq.ft (2024)
• Vembuli Nayackar 1st Cross Street: Rs 1,660 per sq.ft (2024)

Stamp duty and registration fee for property in Vallalar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total cost for these charges Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vallalar Nagar?

The Sub Registrar Office that covers Vallalar Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vanagaram. 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 stamp duty and registration fees.

When a property is sold, the sale price must be compared to the guideline value. The higher of the two values is used to calculate the stamp duty and registration fees, which are mandatory during the registration of the property. This ensures transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Vallalar Nagar?

The current guideline value of Vallalar Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification of Vallalar Nagar?

Vallalar Nagar is classified as Residential Class IV Type - III under the Chennai South Joint I SRO.

Where can I find the registration office for Vallalar Nagar?

The registration office for Vallalar Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Vallalar Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 11,00,000 would incur a stamp duty of Rs 77,000 at the rate of 7%.