Guideline Value for Wallace Garden

Wallace Garden guideline value

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

How the guideline value of Wallace Garden has changed

The guideline value for Wallace Garden has seen several revisions over the years. In 2002, the value was Rs 1,890 per sq.ft. It increased significantly to Rs 4,200 per sq.ft in 2007, marking a 122% rise. The value then rose to Rs 9,000 per sq.ft in 2012, reflecting a 114% increase from the previous revision. However, it saw a decrease of 33% to Rs 6,030 per sq.ft in 2017. The value then jumped to Rs 9,000 per sq.ft in 2023, before reaching the current value of Rs 9,900 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 424%. The register has no figure for Wallace Garden in 2003.

Guideline values in Nungambakkam

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

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

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, bringing the total to 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Wallace Garden?

The Sub Registrar Office that covers Wallace Garden 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 when registering property in Nungambakkam. It determines the stamp duty and registration fees that are applicable at the time of the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations during the property transfer process.

When a property is sold, the guideline value serves as a benchmark for assessing the transaction's legitimacy. It ensures that the property is not undervalued, thereby protecting the interests of both the buyer and the seller in the registration process.

Frequently asked questions

What is the current guideline value of Wallace Garden?

The current guideline value of Wallace Garden 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 1,890 per sq.ft in 2002 to Rs 9,900 per sq.ft in 2024, reflecting a total increase of 424% over the years.

What is the land classification of Wallace Garden?

Wallace Garden is classified as Commercial Class I Type - II, which indicates its suitability for commercial activities.

What are the stamp duty rates for property in Wallace Garden?

The stamp duty rate for property transactions in Wallace Garden is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Wallace Garden?

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