Guideline Value for Valluvarkottam 2nd Lane

Valluvarkottam 2nd Lane guideline value

The current guideline value of Valluvarkottam 2nd 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 2nd Lane has changed

Over the years, the guideline value of Valluvarkottam 2nd Lane has seen several revisions. The 2007 revision set the value at Rs 3,000 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012, marking a 167% increase. However, from 2012 to 2017, the value dropped to Rs 5,360 per sq.ft, reflecting a decrease of 33%. The value then rose sharply to Rs 8,000 per sq.ft in 2023, a 49% increase, before reaching the current rate of Rs 8,800 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Nungambakkam

Nungambakkam village has a total of 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 is equal to the current guideline value of Valluvarkottam 2nd Lane.

• Valluvarkottam 1st 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 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Valluvarkottam 2nd Lane?

The Valluvarkottam 2nd 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. 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 plays a crucial role during the registration process. It is used to determine the applicable stamp duty and registration fees, ensuring that both parties are aware of the financial obligations involved in the transaction.

The guideline value also serves as a reference for property transactions, helping to establish a fair basis for pricing and negotiation. It is essential for buyers and sellers to be familiar with the current guideline value to avoid any discrepancies during the sale process.

Frequently asked questions

What is the current guideline value of Valluvarkottam 2nd Lane?

The current guideline value of Valluvarkottam 2nd 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 increased 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 the years.

What is the land classification for Valluvarkottam 2nd Lane?

Valluvarkottam 2nd Lane is classified as Residential Special Type - II under the Chennai Central Joint II SRO.

What are the registration fees for a property in Valluvarkottam 2nd Lane?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Valluvarkottam 2nd Lane located?

The Sub Registrar Office covering Valluvarkottam 2nd Lane is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.