Guideline Value for Vallal Pari Street

Vallal Pari Street guideline value

The current guideline value of Vallal Pari Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - III.

How the guideline value of Vallal Pari Street has changed

The guideline value for Vallal Pari Street has seen several revisions over the years. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 2,500 per sq.ft, which increased by 10% to Rs 2,750 per sq.ft in the 2024 revision.

This increase reflects a consistent adjustment in the guideline values for properties in the area. The 2024 figure of Rs 2,750 per sq.ft aligns with the median guideline value for the 1,823 streets in Madipakkam-1 under the Velacheri SRO, which ranges from Rs 1,650 to Rs 5,500 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values vary across different streets. The 2024 figures show that Vallal Pari Street's guideline value is equal to the median of Rs 2,750 per sq.ft. Here are some other streets in Madipakkam-1 under the Velacheri SRO:

• Vallal Ori Street: Rs 3,850 per sq.ft (2024)
• Vallal Kumanan Street: Rs 2,750 per sq.ft (2024)
• Vallal Kari Street(Srinivasa Nagar Extn): Rs 3,850 per sq.ft (2024)
• Vallal kari Street: Rs 3,850 per sq.ft (2024)
• Vallal Athiyaman Street: Rs 3,850 per sq.ft (2024)
• Vanjinathan Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vallal Pari Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. Please 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 Vallal Pari Street?

The Sub Registrar Office that covers Vallal Pari Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is an important factor in property transactions, as it determines the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value serves as a reference point for the transaction price. If the sale price is higher than the guideline value, the duty is charged based on the sale price, ensuring that the government receives the appropriate taxes from the transaction.

Frequently asked questions

What is the current guideline value of Vallal Pari Street?

The current guideline value of Vallal Pari 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 has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Vallal Pari Street?

Vallal Pari Street is classified as Residential Class I Type - III. This classification indicates the type of development permissible in the area.

How is stamp duty calculated for properties in Vallal Pari Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,92,500.

Where can I find the Sub Registrar Office for Vallal Pari Street?

The Sub Registrar Office covering Vallal Pari Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles the registration of property transactions in the area.