Guideline Value for Vandalur Rangapillai Street

Vandalur Rangapillai Street guideline value

The current guideline value of Vandalur Rangapillai Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Vandalur Rangapillai Street has changed

The guideline value for Vandalur Rangapillai Street has undergone several revisions over the years. The earliest recorded revision was in 2003, with a guideline value of Rs 922 per sq.ft. This increased to Rs 1,200 per sq.ft in 2007, marking a significant rise of 30%. The value then saw a dramatic increase of 233% to reach Rs 4,000 per sq.ft in 2012. However, there was a decline of 33% in 2017, bringing the value down to Rs 2,680 per sq.ft. The next revision in 2023 saw an increase of 49%, raising the value to Rs 4,000 per sq.ft, and the most recent revision in 2024 has set the guideline value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2002 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 377%, showcasing the changes in property valuation over the years.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is equal to the current value of Vandalur Rangapillai Street.

• Varadaiyar Street: Rs 4,900 per sq.ft (2024)
• Varadharaja Mudali Lane: Rs 4,400 per sq.ft (2024)
• Vardha Muthiyappan Street: Rs 6,000 per sq.ft (2024)
• Vaithyanath Mudali Street: Rs 4,400 per sq.ft (2024)
• Vaikunda Vathiyar Street: Rs 5,500 per sq.ft (2024)
• Vadamalai Maistry Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Vandalur Rangapillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Therefore, the total cost for stamp duty and registration would be Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vandalur Rangapillai Street?

The Vandalur Rangapillai Street falls under the jurisdiction of the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately.

When a buyer or seller engages in a property transaction, the guideline value is assessed to ensure compliance with the legal requirements. This helps in maintaining transparency and fairness in property dealings, as it reflects the government's valuation of the property based on various factors.

Frequently asked questions

What is the current guideline value of Vandalur Rangapillai Street?

The current guideline value of Vandalur Rangapillai Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 922 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 377% over this period.

What is the registration office for Vandalur Rangapillai Street?

The registration office for Vandalur Rangapillai Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Vandalur Rangapillai Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total guideline value would be Rs 44,00,000, leading to a stamp duty of Rs 3,08,000 at 7%.

What are the other streets with similar guideline values in Muthiyalpet?

Other streets in Muthiyalpet include Varadharaja Mudali Lane and Vaithyanath Mudali Street, both with a guideline value of Rs 4,400 per sq.ft in 2024, while Varadaiyar Street has a guideline value of Rs 4,900 per sq.ft.