Guideline Value for Valmiki Street

Valmiki Street guideline value

The current guideline value of Valmiki Street in Kolathur village is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Sembiam SRO and is classified as Residential Class II Type - I.

How the guideline value of Valmiki Street has changed

The guideline value for Valmiki Street has seen several revisions over the years. In 2007, the value was Rs 1,000 per sq.ft, which increased to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. From 2017 to 2023, there was a significant increase to Rs 2,500 per sq.ft, and the latest revision in 2024 set the value at Rs 2,700 per sq.ft. There are no figures available for the years 2002 and 2003 in the register for this street.

Overall, from 2007 to 2024, the guideline value has increased by 170%. The changes between the revisions include an increase of 150% from 2007 to 2012, a decrease of 33% from 2012 to 2017, and a substantial increase of 49% from 2017 to 2023, followed by an 8% rise from 2023 to 2024.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, making the current value of Valmiki Street below that median.

• Valmiki Street Extension: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Valmiki Street?

The Sub Registrar Office that covers Valmiki Street 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 crucial factor in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is used to calculate the fees, ensuring that both parties are aware of the financial implications associated with the sale. This helps maintain transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Valmiki Street?

The current guideline value of Valmiki Street 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 the years.

What are the stamp duty and registration fees for property in Valmiki Street?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which office handles the registration for Valmiki Street?

The Sembiam Sub Registrar Office handles the registration for Valmiki Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification of Valmiki Street?

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