Guideline Value for VALLIAMMAI STREET

Valliammai Street guideline value

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

How the guideline value of Valliammai Street has changed

Over the years, the guideline value of Valliammai Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following that, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the latest 2024 revision raised it to Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From the 2012 to 2017 revision, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The overall change from 2012 to 2024 shows a modest increase of 10%, with the most recent revision reflecting a 10% increase from the previous year.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a guideline value for 2024, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value of Valliammai Street.

• Vanchinathan Street: Rs 2,200 per sq.ft (2024)
• Vaishnavi Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Vaishnavi Nagar: Rs 2,200 per sq.ft (2024)
• Vanniyar Street: Rs 2,200 per sq.ft (2024)
• Vadakkupattu Thiruvalluvar Street: Rs 2,750 per sq.ft (2024)
• Vadakkupattu Thiruvalluvar 2nd Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Valliammai Street

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

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Valliammai Street?

The Sub Registrar Office that covers Valliammai 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. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted fairly and transparently.

Additionally, the guideline value influences the stamp duty and registration fees that buyers must pay. These fees are calculated based on the guideline value or the sale price, whichever is higher, which ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Valliammai Street?

The current guideline value of Valliammai 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 from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Valliammai Street?

Valliammai Street is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for Valliammai Street?

The Sub Registrar Office for Valliammai 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.

How is stamp duty calculated for property transactions in Valliammai Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.