Guideline Value for Valmiki Street Extension

Valmiki Street Extension guideline value

The current guideline value of Valmiki Street Extension is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the jurisdiction of the Sembiam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Valmiki Street Extension has changed

Over the years, the guideline value of Valmiki Street Extension has seen several revisions. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a 150% rise. However, in 2017, the value decreased to Rs 1,675 per sq.ft, a drop of 33%. The value then rose sharply to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,700 per sq.ft as per the 2024 revision, reflecting an 8% increase from the previous year.

In summary, from the 2007 revision to the 2024 revision, the overall increase in the guideline value is 170%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO, with guideline values ranging from Rs 2,200 to Rs 6,000 per sq.ft as of 2024. The median guideline value for the area is Rs 3,300 per sq.ft, indicating that Valmiki Street Extension's current value is below this median.

• Valmiki Street: Rs 2,700 per sq.ft (2024)
• Vanasakthi Nagar: Rs 2,700 per sq.ft (2024)
• Valliammai Nagar: Rs 2,700 per sq.ft (2024)
• Vallavan Nagar: Rs 2,700 per sq.ft (2024)
• Varadhan Kuttai: Rs 2,700 per sq.ft (2024)
• Valarmathy Nagar 5th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Valmiki Street Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Valmiki Street Extension?

The Sub Registrar Office that covers Valmiki Street Extension is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration process when buying or selling property in Kolathur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the registration department.

When a property is registered, the guideline value helps determine the official value of the property for taxation purposes. Buyers and sellers should be aware of this value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Valmiki Street Extension?

The current guideline value of Valmiki Street Extension is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 170% over this period.

What is the land classification for Valmiki Street Extension?

Valmiki Street Extension is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Valmiki Street Extension?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000.