Guideline Value for VALLESWARAN KOIL STREET

Valleswaran Koil Street guideline value

The current guideline value of Valleswaran Koil Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Manapakkam village, under the Chennai South Joint I SRO, and falls under the Residential Class IV Type - I land classification.

How the guideline value of Valleswaran Koil Street has changed

The guideline value for Valleswaran Koil Street has undergone several revisions over the years. In 2002, the value was Rs 135 per sq.ft, which increased to Rs 151 per sq.ft in 2003. The value saw a significant rise to Rs 400 per sq.ft in 2007, followed by a substantial jump to Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017, before climbing back to Rs 2,000 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,530%. The register has no figure for the years not mentioned in the revisions above.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 12,800 per sq.ft, with a median value of Rs 2,530 per sq.ft. Valleswaran Koil Street's 2024 figure is below this median.

• Vallieswarar Koil Cross Street: Rs 2,200 per sq.ft (2024)
• Vadivel Mudaliyar Colony: Rs 2,200 per sq.ft (2024)
• Tvs Emerald Peninsula: Rs 3,750 per sq.ft (2024)
• Velavan Nagar: Rs 2,530 per sq.ft (2024)
• Velavan Nagar 1st Street: Rs 2,530 per sq.ft (2024)
• Velavan Nagar Salai: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Valleswaran Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Valleswaran Koil Street?

The Sub Registrar Office covering Valleswaran Koil Street 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 Manapakkam

The guideline value is a crucial factor when registering property transactions in Manapakkam. 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 buying or selling property, the guideline value helps both parties understand the fair valuation of the property. This value is used to calculate the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Valleswaran Koil Street?

The current guideline value of Valleswaran Koil Street is Rs 2,200 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 135 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1,530% over this period.

What is the registration office for Valleswaran Koil Street?

The registration office for Valleswaran Koil Street 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.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value. For example, a 1,000 sq.ft plot at Rs 2,200 per sq.ft would incur total fees of Rs 1,98,000.

Are there other streets in Manapakkam with similar guideline values?

Yes, there are other streets in Manapakkam with similar guideline values. For instance, Vallieswarar Koil Cross Street and Vadivel Mudaliyar Colony both have a guideline value of Rs 2,200 per sq.ft in 2024.