Guideline Value for Valluvarkottam 1st Lane

Valluvarkottam 1st Lane guideline value

The current guideline value of Valluvarkottam 1st Lane is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Residential Special Type - II.

How the guideline value of Valluvarkottam 1st Lane has changed

The guideline value for Valluvarkottam 1st Lane has undergone several revisions over the years. In 2007, the value was Rs 3,000 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012, marking a 167% rise. However, in 2017, the value decreased to Rs 5,360 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 8,000 per sq.ft in 2023, and subsequently increased to Rs 8,800 per sq.ft in 2024, a change of 10%.

From 2017 to 2023, the increase was substantial at 49%. Overall, from 2007 to 2024, the guideline value has seen an increase of 193%. There are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, which matches the 2024 figure for Valluvarkottam 1st Lane.

• Valluvarkottam 2nd Lane: Rs 8,800 per sq.ft (2024)
• Valluvarkottam High Road (or) Village Road: Rs 13,200 per sq.ft (2024)
• Valluvar Kuppam: Rs 7,100 per sq.ft (2024)
• Vaigundapuram 2nd Street: Rs 5,500 per sq.ft (2024)
• Vaigundapuram 1st Street: Rs 5,500 per sq.ft (2024)
• Vaidyanathan Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Valluvarkottam 1st Lane

For a 1,000 sq.ft plot at the current rate of Rs 8,800 per sq.ft, the guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. It is important to 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 Valluvarkottam 1st Lane?

The Valluvarkottam 1st Lane falls under the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

When buying or selling property in Nungambakkam, the guideline value is crucial as it determines the amount of stamp duty and registration fees that need to be paid. This value is set by the government and is used as a reference point for property transactions.

At the time of registration, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Valluvarkottam 1st Lane?

The current guideline value of Valluvarkottam 1st Lane is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 193% over this period.

What is the median guideline value in Nungambakkam?

The median guideline value for the 270 streets in Nungambakkam under the Chennai Central Joint II SRO is Rs 8,800 per sq.ft, which is the same as the current value for Valluvarkottam 1st Lane.

What are the stamp duty and registration fees for a property in Valluvarkottam 1st Lane?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which Sub Registrar Office covers Valluvarkottam 1st Lane?

The Valluvarkottam 1st Lane is covered by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.