Guideline Value for Wallace Garden 3rd Street

Wallace Garden 3rd Street guideline value

The current guideline value of Wallace Garden 3rd Street is Rs 9,900 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village under the Chennai Central Joint II SRO, classified as Commercial Class I Type - II.

How the guideline value of Wallace Garden 3rd Street has changed

The guideline value for Wallace Garden 3rd Street has seen several revisions over the years. The 2007 revision set the value at Rs 4,200 per sq.ft, which increased to Rs 9,000 per sq.ft in 2012, reflecting a significant rise of 114%. However, from 2012 to 2017, the value decreased to Rs 6,030 per sq.ft, marking a decline of 33%. The 2017 revision brought the value back up to Rs 9,000 per sq.ft in 2023, which then rose to Rs 9,900 per sq.ft in 2024, showing a 10% increase.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 136%.

Guideline values in Nungambakkam

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

• Wallace Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Wallace Garden 1st 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the 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, totaling Rs 8,91,000. 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 details.

Which Sub Registrar Office covers Wallace Garden 3rd Street?

The registration office for Wallace Garden 3rd 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 further assistance.

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

The guideline value plays a crucial role during the registration process of property transactions in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is considered to ensure that the transaction is in compliance with local regulations. Buyers and sellers must be aware of the guideline value, as it directly impacts the costs associated with the registration process.

Frequently asked questions

What is the current guideline value of Wallace Garden 3rd Street?

The current guideline value of Wallace Garden 3rd 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 significantly, from Rs 4,200 per sq.ft in 2007 to Rs 9,900 per sq.ft in 2024, reflecting an overall increase of 136%.

What is the median guideline value for streets in Nungambakkam?

The median guideline value for streets in Nungambakkam is Rs 8,800 per sq.ft, with Wallace Garden 3rd Street's value exceeding this median.

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

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Wallace Garden 3rd Street located?

The Sub Registrar Office covering Wallace Garden 3rd Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.