Guideline Value for valmigi street

Valmigi Street guideline value

The current guideline value of Valmigi Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class II Type - II.

How the guideline value of Valmigi Street has changed

The guideline value for Valmigi Street has seen several revisions over the years. In 2012, the guideline value was set at Rs 1,000 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 670 per sq.ft. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 1,000 per sq.ft. The latest revision in 2024 has further increased the guideline value to Rs 1,100 per sq.ft, reflecting a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for Valmigi Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing Valmigi Street's 2024 figure below that median.

• Valluvar Street: Rs 2,750 per sq.ft (2024)
• Valliammai Street: Rs 1,100 per sq.ft (2024)
• Valliammai Ist Cross Street: Rs 1,100 per sq.ft (2024)
• Valliammai 2nd Cross Street: Rs 1,100 per sq.ft (2024)
• Varadhan Street: Rs 1,100 per sq.ft (2024)
• Varadharajan Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Valmigi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, while the registration fee at 2% would be Rs 22,000. Together, these fees would total Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Valmigi Street?

The Sub Registrar Office that covers Valmigi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, MES Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO here.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property transfer.

Frequently asked questions

What is the current guideline value of Valmigi Street?

The current guideline value of Valmigi Street is Rs 1,100 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 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Valmigi Street?

Valmigi Street is classified as Residential Class II Type - II under the Tamil Nadu land classification system.

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

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which office handles the registration for Valmigi Street?

The registration for Valmigi Street is handled by the Tambaram Joint 1 Sub Registrar Office, located at No.26, MES Road, East Tambaram, Chennai-600059.