Guideline Value for Vallalar Street

Vallalar Street guideline value

The current guideline value of Vallalar Street in Velachery village, under the Velacheri SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Vallalar Street has changed

The guideline value for Vallalar Street has experienced several revisions over the years. In 2002, the value was Rs 295 per sq.ft, which increased to Rs 331 per sq.ft in 2003, marking a 12% rise. The value saw a significant jump to Rs 4,000 per sq.ft in 2012, an increase of 1,108%. However, it decreased to Rs 2,680 per sq.ft in 2017, reflecting a drop of 33%. The value then rose sharply to Rs 4,000 per sq.ft in 2023, a 49% increase, before reaching the current value of Rs 4,400 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there is no figure for Vallalar Street in the 2007 revision. Overall, from 2002 to 2024, the guideline value has increased by 1,392%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is the same as the current guideline value for Vallalar Street.

• Vallalar Street/Vijaya Nagar 2nd Main Road: Rs 4,400 per sq.ft (2024)
• Valla Street,Vijaya Nagar 2nd Main Road: Rs 4,400 per sq.ft (2024)
• Vaineshwari Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Vaineshwari Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Vaineshwari Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Vaineshwari Nagar: Rs 3,850 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total charges would be Rs 3,96,000. 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 more details.

Which Sub Registrar Office covers Vallalar Street?

The Sub Registrar Office that covers Vallalar 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 Velachery

The guideline value is a crucial reference point when buying or selling property in Velachery. It is used to determine the stamp duty and registration fees applicable during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration requirements.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Vallalar Street?

The current guideline value of Vallalar Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, from Rs 295 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1,392%.

What is the land classification for Vallalar Street?

Vallalar Street is classified under Residential Class II Type - II.

What is the stamp duty rate applicable in Vallalar Street?

The stamp duty rate applicable in Vallalar Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Vallalar Street located?

The Velacheri Sub Registrar Office, which covers Vallalar Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.