Guideline Value for Vairavan Street

Vairavan Street guideline value

The current guideline value of Vairavan Street in Nanmangalam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Vairavan Street has changed

The guideline value for Vairavan Street has seen several revisions over the years. In 2003, the value was Rs 146 per sq.ft, which increased to Rs 300 per sq.ft in 2007. This was a significant rise of 105%. The value then jumped dramatically to Rs 2,500 per sq.ft in 2012, marking a 733% increase. However, it decreased to Rs 1,675 per sq.ft in 2017, a drop of 33%. The 2023 revision set the value at Rs 2,500 per sq.ft, and the most recent 2024 revision has increased it to Rs 2,750 per sq.ft, reflecting a 10% increase.

It is important to note that the register has no figure for Vairavan Street in 2002. Overall, from 2003 to 2024, the guideline value has increased by 1784%.

Guideline values in Nanmangalam

Nanmangalam has 139 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which is the same as the current value for Vairavan Street.

• Vadivel Nagar Extn.: Rs 2,750 per sq.ft (2024)
• Vadivel Nagar 1 To 3 Streets: Rs 2,750 per sq.ft (2024)
• Vadivel Nagar: Rs 2,750 per sq.ft (2024)
• Vallalar Street: Rs 1,960 per sq.ft (2024)
• Ujeevana Nagar: Rs 3,300 per sq.ft (2024)
• Thulukkanathamman Koil Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Vairavan Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. 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 further calculations.

Which Sub Registrar Office covers Vairavan Street?

The Sub Registrar Office that covers Vairavan Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Nanmangalam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value will be referenced to calculate the applicable fees. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Vairavan Street?

The current guideline value of Vairavan Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Vairavan Street has changed from Rs 146 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1784%.

What are the stamp duty and registration fees for properties on Vairavan Street?

The stamp duty for a property valued at Rs 27,50,000 would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for Vairavan Street?

The Pallavaram Sub Registrar Office handles registrations for Vairavan Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum registration value for properties and is essential for calculating stamp duty and registration fees during property transactions in Nanmangalam.