Guideline Value for VALMEEGI NAGAR 2ND SEA WARD

Valmeegi Nagar 2nd Sea Ward guideline value

The current guideline value of Valmeegi Nagar 2nd 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 2nd Sea Ward has changed

The guideline value of Valmeegi Nagar 2nd Sea Ward has undergone several revisions over the years. In 2012, the guideline value was Rs 11,500 per sq.ft, which decreased to Rs 7,705 per sq.ft in 2017, reflecting a decline of 33%. However, from 2017 to 2023, the value saw a significant increase of 49%, rising to Rs 11,500 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 12,650 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no registered 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 have a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value for these streets is Rs 9,900 per sq.ft, placing Valmeegi Nagar 2nd Sea Ward's 2024 figure above this median.

• Valmeegi Nagar 1st 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 2nd Sea Ward

For a 1,000 sq.ft plot at the current guideline value of Rs 12,650 per sq.ft, the total guideline value would be Rs 1,26,50,000. The stamp duty at 7% would amount to Rs 8,85,500, while the registration fee at 2% would be Rs 2,53,000. Together, the total cost for stamp duty and registration fee would be Rs 11,38,500. 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 detailed calculations.

Which Sub Registrar Office covers Valmeegi Nagar 2nd Sea Ward?

The Sub Registrar Office that covers Valmeegi Nagar 2nd Sea Ward is the Chennai South Joint I Sub Registrar Office. The office is 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 Thiruvanmiyur

The guideline value plays a crucial role in the registration process when buying or selling property in Thiruvanmiyur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during transactions.

When a property is sold, the registration fee and stamp duty are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Valmeegi Nagar 2nd Sea Ward?

The current guideline value of Valmeegi Nagar 2nd 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 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 2nd Sea Ward?

The land classification for Valmeegi Nagar 2nd Sea Ward is Residential Special Type - I.

Where can I find the Sub Registrar Office for Valmeegi Nagar 2nd Sea Ward?

The Sub Registrar Office for Valmeegi Nagar 2nd 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 the stamp duty calculated for properties in Valmeegi Nagar 2nd Sea Ward?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applied to the same value.