Guideline Value for VALMEEGI NAGAR 1ST SEA WARD

Valmeegi Nagar 1st Sea Ward guideline value

The current guideline value of Valmeegi Nagar 1st Sea Ward is Rs 12,650 per sq.ft, effective from 1 July 2024. This area is located in Thiruvanmiyur village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of Valmeegi Nagar 1st Sea Ward has changed

The guideline value for Valmeegi Nagar 1st Sea Ward has seen several revisions over the years. The 2012 revision set the value at Rs 11,500 per sq.ft. This was followed by a decrease to Rs 7,705 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 11,500 per sq.ft, marking a 49% increase. The most recent revision in 2024 has further increased the guideline value to Rs 12,650 per sq.ft, which is a 10% rise from the previous year’s figure.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value among these streets is Rs 9,900 per sq.ft, placing Valmeegi Nagar 1st Sea Ward’s 2024 figure above the median.

• Valmeegi Nagar 2nd Sea Ward: Rs 12,650 per sq.ft (2024)
• Valmeegi Nagar 3rd Sea Ward: Rs 12,650 per sq.ft (2024)
• Valmeegi Nagar 4th Sea Ward: Rs 12,650 per sq.ft (2024)
• Valmeegi Street: Rs 7,150 per sq.ft (2024)
• Valluvar Nagar: Rs 7,150 per sq.ft (2024)
• Vaigai Street: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Valmeegi Nagar 1st Sea Ward

For a 1,000 sq.ft plot at the current rate of Rs 12,650 per sq.ft, the guideline value amounts to Rs 1,26,50,000. The stamp duty at 7% would be Rs 8,85,500, and the registration fee at 2% would be Rs 2,53,000, totaling Rs 11,38,500. It is important to note that 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 information.

Which Sub Registrar Office covers Valmeegi Nagar 1st Sea Ward?

The Sub Registrar Office that covers Valmeegi Nagar 1st Sea Ward 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 further assistance.

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

The guideline value plays a critical role in the registration process when buying or selling property in Thiruvanmiyur. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the authorities.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Valmeegi Nagar 1st Sea Ward?

The current guideline value of Valmeegi Nagar 1st Sea Ward is Rs 12,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 11,500 per sq.ft in 2012 to Rs 7,705 per sq.ft in 2017, then back to Rs 11,500 per sq.ft in 2023, and finally to Rs 12,650 per sq.ft in 2024.

What is the land classification for Valmeegi Nagar 1st Sea Ward?

The land classification for Valmeegi Nagar 1st Sea Ward is Residential Special Type - I.

Where can I find the Sub Registrar Office for Valmeegi Nagar 1st Sea Ward?

The Sub Registrar Office for Valmeegi Nagar 1st Sea Ward 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 in Valmeegi Nagar 1st Sea Ward?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 1,26,50,000, the stamp duty at 7% would be Rs 8,85,500.