Guideline Value for Vaanamamalai Nagar

Vaanamamalai Nagar guideline value

The current guideline value of Vaanamamalai Nagar is Rs 275 per sq.ft, effective from 1 July 2024. This area is located in Palavayal village under the Redhills SRO, classified as Residential Class III Type - I.

How the guideline value of Vaanamamalai Nagar has changed

The guideline value for Vaanamamalai Nagar has undergone several revisions over the years. Starting with the 2003 revision, the value was set at Rs 18 per sq.ft. This increased significantly to Rs 100 per sq.ft in 2007, marking a 456% rise. The value then rose to Rs 250 per sq.ft in 2012, reflecting a 150% increase. However, it decreased to Rs 167 per sq.ft in 2017, a decline of 33%. The 2023 revision saw a substantial increase to Rs 250 per sq.ft, followed by another rise to the current value of Rs 275 per sq.ft in 2024, which is a 10% increase.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 1428%. The register has no figure for the year 2002 for this street.

Guideline values in Palavayal

In Palavayal, there are 22 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 275 to Rs 1,200 per sq.ft, with a median value of Rs 440 per sq.ft. Vaanamamalai Nagar's 2024 figure is below this median.

• Sri Ram Nagar Phase-2: Rs 880 per sq.ft (2024)
• Sri Raghavan Nagar: Rs 440 per sq.ft (2024)
• Sri Ganesh Balaji Avenue: Rs 440 per sq.ft (2024)
• Sri Balaji Nagar: Rs 440 per sq.ft (2024)
• Sothupakkam Road: Rs 440 per sq.ft (2024)
• Raghavan Nagar: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Vaanamamalai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 275 per sq.ft, the total guideline value would be Rs 2,75,000. The stamp duty at 7% would amount to Rs 19,250, and the registration fee at 2% would be Rs 5,500, leading to a total cost of Rs 24,750. 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 details.

Which Sub Registrar Office covers Vaanamamalai Nagar?

The Sub Registrar Office that covers Vaanamamalai Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Palavayal. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is assessed by the government and is updated periodically to reflect changes in the real estate market.

When selling property, the guideline value can affect the sale price, as it provides a benchmark for what the property is worth in the eyes of the government. Buyers and sellers should be aware of the current guideline value to ensure they are making informed decisions during the transaction process.

Frequently asked questions

What is the current guideline value of Vaanamamalai Nagar?

The current guideline value of Vaanamamalai Nagar is Rs 275 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 18 per sq.ft in 2003 to Rs 275 per sq.ft in 2024, reflecting an overall increase of 1428% over the years.

What are the stamp duty and registration fees for property in Vaanamamalai Nagar?

For a property valued at Rs 2,75,000, the stamp duty would be Rs 19,250 and the registration fee would be Rs 5,500, totaling Rs 24,750.

Which office handles property registration in Vaanamamalai Nagar?

The Redhills Sub Registrar Office handles property registration for Vaanamamalai Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification of Vaanamamalai Nagar?

Vaanamamalai Nagar is classified as Residential Class III Type - I, indicating its suitability for residential development.