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 part of Korattur village, which falls under the Villivakkam Sub Registrar Office (SRO). The land classification for Vallalar Nagar is Residential Class IV Type - II.

How the guideline value of Vallalar Nagar has changed

The guideline value for Vallalar Nagar has seen several revisions over the years. In 2007, the value was set at Rs 250 per sq.ft. This increased significantly to Rs 1,000 per sq.ft in 2012, marking a 300% rise. However, it then decreased to Rs 670 per sq.ft in 2017, which was a 33% drop. The value rose again to Rs 1,000 per sq.ft in 2023, and now it stands at Rs 1,100 per sq.ft in 2024, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 340%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value of Vallalar Nagar is below this median.

• Vagai Nagar: Rs 2,700 per sq.ft (2024)
• Vanasakthi Nagar Extension Part II: Rs 3,300 per sq.ft (2024)
• Vanasakthi Nagar Extension Part V: Rs 3,300 per sq.ft (2024)
• Vanasakthi Nagar Extension Part VI: Rs 3,300 per sq.ft (2024)
• Vanasakthi Nagar Extn / Annex: Rs 3,300 per sq.ft (2024)
• Vanasakthi Nagar Extn Phase 1: Rs 3,300 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 is charged at 7%, amounting to Rs 77,000, and the registration fee is 2%, which totals Rs 22,000. Therefore, the total cost for these fees would be Rs 99,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vallalar Nagar?

The Vallalar Nagar area is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property transactions in Korattur. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. This ensures that the government receives the appropriate revenue based on the property's assessed value.

When registering a property, buyers should be aware that the guideline value is the minimum value considered for calculating taxes and fees. This means that if the sale price of the property is lower than the guideline value, the buyer will still need to pay fees based on the guideline value.

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 increased from Rs 250 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 340% over this period.

What is the land classification of Vallalar Nagar?

Vallalar Nagar is classified as Residential Class IV Type - II.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated in Vallalar Nagar?

Stamp duty in Vallalar Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 99,000.