Guideline Value for Wallace Garden 2nd Street

Wallace Garden 2nd Street guideline value

The current guideline value of Wallace Garden 2nd Street is Rs 9,900 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO, classified as Commercial Class I Type - II.

How the guideline value of Wallace Garden 2nd Street has changed

The guideline value for Wallace Garden 2nd Street has seen several revisions over the years. In the 2007 revision, the value was set at Rs 4,200 per sq.ft. This increased significantly to Rs 9,000 per sq.ft in the 2012 revision, followed by a decrease to Rs 6,030 per sq.ft in 2017. However, from 2017 to 2023, there was a substantial increase of 49%, raising the value to Rs 9,000 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 9,900 per sq.ft, marking a 10% increase from the previous year.

It is important to note that the register has no figures for Wallace Garden 2nd Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 136%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Wallace Garden 2nd Street above this median.

• Wallace Garden 1st Street: Rs 9,900 per sq.ft (2024)
• Wallace Garden 3rd Street: Rs 9,900 per sq.ft (2024)
• Wallace Garden: Rs 9,900 per sq.ft (2024)
• West Mada Street: Rs 6,600 per sq.ft (2024)
• Wheat Crofts Road: Rs 10,400 per sq.ft (2024)
• Vijayalakshmi Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Wallace Garden 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000. Together, the total cost for these fees would be Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Wallace Garden 2nd Street?

The Sub Registrar Office that covers Wallace Garden 2nd Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Wallace Garden 2nd Street?

The current guideline value of Wallace Garden 2nd Street is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,200 per sq.ft in 2007 to Rs 9,900 per sq.ft in 2024, reflecting an overall increase of 136% over the years.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a property valued at Rs 99,00,000, the total fees would amount to Rs 8,91,000.

Which office handles the registration for Wallace Garden 2nd Street?

The Chennai Central Joint II Sub Registrar Office handles the registration for Wallace Garden 2nd Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties, ensuring that appropriate stamp duty and registration fees are collected during property transactions in Nungambakkam.