Guideline Value for VALMEEGI STREET

Valmeegi Street guideline value

The current guideline value of Valmeegi Street in Thiruvanmiyur village is Rs 7,150 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Valmeegi Street has changed

The guideline value for Valmeegi Street has seen significant changes over the years. In 2002, the value was Rs 1,303 per sq.ft, which increased to Rs 1,442 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 2,200 per sq.ft in 2007, reflecting a 53% increase. Following that, it surged to Rs 6,500 per sq.ft in 2012, a substantial 195% increase from the previous revision. However, from 2012 to 2017, the value decreased to Rs 4,355 per sq.ft, a decline of 33%. The value climbed again to Rs 6,500 per sq.ft in 2023, and most recently, it has increased to Rs 7,150 per sq.ft in 2024, representing a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 449%. The register has no figures for revisions in years other than those listed above.

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, with a median value of Rs 9,900 per sq.ft. Valmeegi Street's 2024 figure of Rs 7,150 per sq.ft is below this median.

• Valmeegi Nagar 4th Sea Ward: Rs 12,650 per sq.ft (2024)
• Valmeegi Nagar 3rd Sea Ward: Rs 12,650 per sq.ft (2024)
• Valmeegi Nagar 2nd Sea Ward: Rs 12,650 per sq.ft (2024)
• Valmeegi Nagar 1st Sea Ward: Rs 12,650 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,150 per sq.ft, the total guideline value amounts to Rs 71,50,000. The stamp duty at 7% would be Rs 5,00,500, and the registration fee at 2% would be Rs 1,43,000, making the total cost for these fees Rs 6,43,500. Please 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 details.

Which Sub Registrar Office covers Valmeegi Street?

The Sub Registrar Office that covers Valmeegi 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 Thiruvanmiyur

The guideline value is an important factor in property transactions in Thiruvanmiyur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it affects the stamp duty and registration fees payable during the transaction.

When registering a property, the guideline value helps ensure that the transaction is recorded at a fair value, which is crucial for legal and taxation purposes. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Valmeegi Street?

The current guideline value of Valmeegi Street is Rs 7,150 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 1,303 per sq.ft in 2002 to Rs 7,150 per sq.ft in 2024, reflecting an overall increase of 449% over the years.

What is the land classification for Valmeegi Street?

Valmeegi Street is classified as Residential Class IV Type - I under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for property in Valmeegi Street?

For a 1,000 sq.ft property, the total guideline value is Rs 71,50,000, resulting in a stamp duty of Rs 5,00,500 and a registration fee of Rs 1,43,000, totaling Rs 6,43,500.

Where is the Sub Registrar Office for Valmeegi Street located?

The Chennai South Joint I Sub Registrar Office is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.