Guideline Value for VIRAI PALLAM

Virai Pallam guideline value

The current guideline value of Virai Pallam is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Puliyur village and falls under the Kodambakkam SRO. The land classification for this street is Residential Class V Type - I.

How the guideline value of Virai Pallam has changed

The guideline value for Virai Pallam has seen several revisions over the years. In 2002, the value was Rs 427 per sq.ft, which increased to Rs 469 per sq.ft in 2003. The following revisions were significant, with the value rising to Rs 900 per sq.ft in 2007, and then to Rs 3,000 per sq.ft in 2012. The value decreased to Rs 2,010 per sq.ft in 2017 and then rose again to Rs 3,000 per sq.ft in 2023. The most recent revision in 2024 has set the guideline value at Rs 3,300 per sq.ft.

From 2017 to 2023, there was a notable increase of 49%. The value saw a significant rise of 233% from 2007 to 2012. The overall increase from 2002 to 2024 is 673%. There are no figures available for the revisions in the years not listed for this street.

Guideline values in Puliyur

In Puliyur, there are 648 streets under the Kodambakkam SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 14,300 per sq.ft, with a median value of Rs 5,800 per sq.ft. The guideline value for Virai Pallam is below this median.

• Vinobaji Street: Rs 5,800 per sq.ft (2024)
• Viswanathan Street: Rs 6,300 per sq.ft (2024)
• Viswanathapuram 1st Street: Rs 7,100 per sq.ft (2024)
• Viswanathapuram 2nd Street: Rs 7,100 per sq.ft (2024)
• Viswanathapuram 3rd Street: Rs 7,100 per sq.ft (2024)
• Viswanathapuram Extension: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Virai Pallam

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Virai Pallam?

The Sub Registrar Office that covers Virai Pallam is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is crucial when buying or selling property in Puliyur, as it determines the minimum price at which a property can be registered. Buyers must pay stamp duty and registration fees based on this value, ensuring that the transaction is legally recognized and documented.

When a property is sold, the guideline value serves as a benchmark for the transaction. It helps in assessing the financial obligations of both the buyer and the seller, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Virai Pallam?

The current guideline value of Virai Pallam is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 427 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, with several revisions in between.

What is the land classification for Virai Pallam?

Virai Pallam is classified as Residential Class V Type - I.

What are the stamp duty and registration fees for property in Virai Pallam?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 2,97,000, based on the current guideline value.

Which office handles property registrations for Virai Pallam?

The Kodambakkam Sub Registrar Office handles property registrations for Virai Pallam, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.