Guideline Value for Vallimayil Market City

Vallimayil Market City guideline value

The current guideline value of Vallimayil Market City is Rs 2,210 per sq.ft, effective from 1 July 2024. This property is located in Naravarikuppam village under the Redhills SRO, classified as Commercial Class I Type - II.

How the guideline value of Vallimayil Market City has changed

The guideline value for Vallimayil Market City has undergone several revisions over the years. The 2017 revision set the value at Rs 2,010 per sq.ft, which remained unchanged in the 2023 revision. However, the 2024 revision has increased the guideline value to Rs 2,210 per sq.ft, marking a 10% rise from the previous year's figure.

Looking back further, the 2017 revision was the first time the value was recorded at Rs 2,010 per sq.ft. There are no figures available for the revisions in 2012, 2007, 2003, and 2002 for this street. Therefore, the overall change from the 2017 revision to the 2024 revision is a 10% increase.

Guideline values in Naravarikuppam

Naravarikuppam village has a total of 112 streets under the Redhills SRO, each carrying a guideline value for 2024 that ranges from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value for the village is Rs 1,650 per sq.ft, placing Vallimayil Market City above this median.

• Vallalar Nagar Street: Rs 2,200 per sq.ft (2024)
• T.V.S. Nagar: Rs 2,200 per sq.ft (2024)
• T.V.S. Fathima Street: Rs 2,200 per sq.ft (2024)
• Thirvalluvar Street: Rs 1,650 per sq.ft (2024)
• Thiru.Vi.Ka. Street: Rs 3,300 per sq.ft (2024)
• Venu Gopal Swamy Koil Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Vallimayil Market City

For a 1,000 sq.ft plot at the current guideline value of Rs 2,210 per sq.ft, the total guideline value amounts to Rs 22,10,000. The stamp duty is calculated at 7%, resulting in Rs 1,54,700, while the registration fee is charged at 2%, amounting to Rs 44,200. Together, the total cost for stamp duty and registration fee would be Rs 1,98,900. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vallimayil Market City?

The Vallimayil Market City is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. For more information, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Naravarikuppam. It serves as a benchmark for determining the minimum value at which properties can be registered. 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 is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the necessary taxes are paid to the government.

Frequently asked questions

What is the current guideline value of Vallimayil Market City?

The current guideline value of Vallimayil Market City is Rs 2,210 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,010 per sq.ft in 2017 to Rs 2,210 per sq.ft in 2024, reflecting a 10% increase. The value remained unchanged at Rs 2,010 per sq.ft from 2017 to 2023.

What is the land classification of Vallimayil Market City?

Vallimayil Market City is classified as Commercial Class I Type - II, indicating its designation for commercial use.

What are the stamp duty and registration fees for properties in Vallimayil Market City?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total stamp duty and registration fee would be Rs 1,98,900.

Which office handles property registrations for Vallimayil Market City?

The Redhills Sub Registrar Office handles property registrations for Vallimayil Market City, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.