Guideline Value for Valmigi nagar

Valmigi nagar guideline value

The current guideline value of Valmigi nagar is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Vedanareyanapuram village, under the Chengleput Joint I SRO, and is classified as Residential Class II Type - I.

How the guideline value of Valmigi nagar has changed

The guideline value for Valmigi nagar has undergone several revisions over the years. In 2007, the value was Rs 123 per sq.ft, which increased significantly to Rs 400 per sq.ft in 2012. However, it then decreased to Rs 268 per sq.ft in 2017, before rising again to Rs 400 per sq.ft in both 2023 and the upcoming 2024 revision. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, while the overall change from 2007 to 2024 reflects a substantial increase of 225%. The values remained stable from 2023 to 2024, showing no percentage change.

Guideline values in Vedanareyanapuram

In Vedanareyanapuram, there are 31 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 2,050 per sq.ft, with a median value of Rs 600 per sq.ft. Valmigi nagar's current 2024 figure is below this median.

• Vasantham nagar: Rs 600 per sq.ft (2024)
• Thulasinga Nagar: Rs 400 per sq.ft (2024)
• Vinayaga Nagar: Rs 900 per sq.ft (2024)
• Thendral Nagar: Rs 600 per sq.ft (2024)
• Yasmin Nagar: Rs 500 per sq.ft (2024)
• Sri Rajeswari Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Valmigi nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, while the registration fee at 2% would be Rs 8,000, making the total fees Rs 36,000. 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 information.

Which Sub Registrar Office covers Valmigi nagar?

The Sub Registrar Office that covers Valmigi nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Vedanareyanapuram. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a value determined by the government. This helps maintain transparency in property transactions.

When registering a property, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process safeguards both parties involved in the transaction and ensures compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Valmigi nagar?

The current guideline value of Valmigi nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 123 per sq.ft in 2007 to Rs 400 per sq.ft in 2012, decreased to Rs 268 per sq.ft in 2017, and remained at Rs 400 per sq.ft in both 2023 and 2024.

What is the land classification of Valmigi nagar?

Valmigi nagar is classified as Residential Class II Type - I.

Where is the Chengleput Joint I SRO located?

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone.

How is the stamp duty calculated for property in Valmigi nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 4,00,000, the stamp duty at 7% would be Rs 28,000.