Guideline Value for Valluvar Street

Valluvar Street guideline value

The current guideline value of Valluvar Street in Parangimalai village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Valluvar Street has changed

The guideline value of Valluvar Street has seen significant changes over the years. In 2002, the value was Rs 256 per sq.ft, which increased to Rs 320 per sq.ft in 2003, marking a 25% rise. By 2007, the value had jumped to Rs 750 per sq.ft, reflecting a 134% increase. The 2012 revision brought the value back to Rs 3,000 per sq.ft, a 300% increase from the previous revision. However, this was followed by a decrease to Rs 2,010 per sq.ft in 2017, which represented a 33% drop. The 2023 revision saw a rise to Rs 3,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 3,300 per sq.ft, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1189%. There are no figures available for revisions in years not listed in the register for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing Valluvar Street's 2024 figure below that median.

• Valluvar Street (Kalaignar Nagar): Rs 3,300 per sq.ft (2024)
• Ussain Subedhar Street: Rs 3,850 per sq.ft (2024)
• Vedagiri Street: Rs 3,850 per sq.ft (2024)
• Vembuli Subedhar Street: Rs 3,850 per sq.ft (2024)
• Thulasinghapuram: Rs 3,300 per sq.ft (2024)
• Thiruvalluvar Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Valluvar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. 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 Valluvar Street?

The Sub Registrar Office that covers Valluvar Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Valluvar Street?

The current guideline value of Valluvar Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 256 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1189% over the years.

What is the stamp duty rate for properties on Valluvar Street?

The stamp duty rate for properties on Valluvar Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Valluvar Street located?

The Sub Registrar Office for Valluvar Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the other streets in Parangimalai with guideline values?

Other streets in Parangimalai include Ussain Subedhar Street, Vedagiri Street, Vembuli Subedhar Street, Thulasinghapuram, and Thiruvalluvar Street, with values ranging from Rs 3,300 to Rs 3,850 per sq.ft.