Guideline Value for Vallalar Street

Vallalar Street guideline value

The current guideline value of Vallalar Street in Nanmangalam village is Rs 1,960 per sq.ft, effective from 1 July 2024. This property falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Vallalar Street has changed

The guideline value for Vallalar Street has undergone several revisions over the years. In 2003, the value was Rs 202 per sq.ft, which increased significantly to Rs 625 per sq.ft in 2007. Following this, the value rose to Rs 1,800 per sq.ft in 2012, before dropping to Rs 1,206 per sq.ft in 2017. The 2023 revision marked a notable increase to Rs 1,800 per sq.ft, and the current revision in 2024 has set the value at Rs 1,960 per sq.ft. The register has no figure for the year 2002.

From 2017 to 2023, there was a 49% increase in the guideline value. However, from 2012 to 2017, the value decreased by 33%. The increase from 2007 to 2012 was substantial at 188%, and from 2003 to 2007, it rose by 209%. Overall, from 2003 to 2024, the guideline value has increased by 870%.

Guideline values in Nanmangalam

Nanmangalam village has a total of 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, placing Vallalar Street's 2024 figure below this median.

• Vairavan Street: Rs 2,750 per sq.ft (2024)
• 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)
• 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 Vallalar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,960 per sq.ft, the total guideline value would be Rs 19,60,000. The stamp duty at 7% would amount to Rs 1,37,200, while the registration fee at 2% would be Rs 39,200. Together, the total cost for stamp duty and registration fee would be Rs 1,76,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vallalar Street?

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

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 stamp duty and registration fees that need to be paid during the sale or purchase of property. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transaction.

When a property is sold, the guideline value helps in establishing the minimum price for which the property can be registered. This ensures that the transaction reflects a fair value based on the prevailing rates in the area, protecting both the buyer and seller in the process.

Frequently asked questions

What is the current guideline value of Vallalar Street?

The current guideline value of Vallalar Street is Rs 1,960 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2003 to 2024?

From 2003 to 2024, the guideline value has increased by 870%, rising from Rs 202 per sq.ft to Rs 1,960 per sq.ft.

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

For a property valued at Rs 19,60,000, the stamp duty would be Rs 1,37,200, and the registration fee would be Rs 39,200, totaling Rs 1,76,400.

Which Sub Registrar Office covers Vallalar Street?

The Pallavaram Sub Registrar Office covers Vallalar Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification of Vallalar Street?

Vallalar Street is classified as Residential Class II Type - I, indicating its suitability for residential development.