Guideline Value for Valmigi Street

Valmigi Street guideline value

The current guideline value of Valmigi Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Perumbakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Valmigi Street has changed

The guideline value for Valmigi Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then dropped to Rs 2,010 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft as of the 2024 revision. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Between the revisions, the changes are notable. From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The most recent change from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Perumbakkam

In Perumbakkam, there are 225 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft. The median value for these streets is Rs 2,725 per sq.ft, placing Valmigi Street's 2024 figure above this median.

• Vanchinathan Street: Rs 3,300 per sq.ft (2024)
• Valar Garden: Rs 1,650 per sq.ft (2024)
• Vaidhiyalingam Salai: Rs 2,725 per sq.ft (2024)
• Urban Tree Oxygen: Rs 1,175 per sq.ft (2024)
• Veeramamunivar Street: Rs 3,300 per sq.ft (2024)
• V.G.P.Gokul Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Valmigi Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Valmigi Street?

Valmigi Street is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration of property transactions in Perumbakkam. It serves as the benchmark for determining the stamp duty and registration fees that need to be paid during the buying or selling process.

When a property is registered, the guideline value is compared against the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the transaction is recorded accurately in accordance with the prevailing regulations.

Frequently asked questions

What is the current guideline value of Valmigi Street?

The current guideline value of Valmigi 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 changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Valmigi Street?

Valmigi Street is classified as Residential Special Type - II.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Valmigi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000.