Guideline Value for A V M Nagar 2nd Street

A V M Nagar 2nd Street guideline value

The current guideline value of A V M Nagar 2nd Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of A V M Nagar 2nd Street has changed

The guideline value of A V M Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 423 per sq.ft. This increased to Rs 469 per sq.ft in 2003, marking an increase of 11%. The value saw a significant rise to Rs 750 per sq.ft in 2007, which was a 60% increase. In 2012, the value changed to Rs 4,500 per sq.ft, reflecting a substantial increase of 500% from the previous revision. However, the value dropped by 33% to Rs 3,015 per sq.ft in 2017. The 2023 revision recorded a value of Rs 4,500 per sq.ft, which was a 49% increase from the 2017 figure. Finally, the current guideline value as of 2024 is Rs 4,950 per sq.ft, representing a 10% increase from the previous year.

There are no figures available for the revisions in years other than those mentioned. This means that the guideline values for A V M Nagar 2nd Street have been documented for the years 2002, 2003, 2007, 2012, 2017, 2023, and 2024.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing A V M Nagar 2nd Street's current value above this median.

• A V M Nagar 1st Street: Rs 4,950 per sq.ft (2024)
• A V M Nagar 3rd Street: Rs 4,950 per sq.ft (2024)
• A V M Colony 6th Street: Rs 4,950 per sq.ft (2024)
• A V M Colony 5th Street: Rs 4,950 per sq.ft (2024)
• A V M Colony 4th Street: Rs 4,950 per sq.ft (2024)
• A V M Colony 3th Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in A V M Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, while the registration fee at 2% would be Rs 99,000. Therefore, the total cost for stamp duty and registration fee together would be Rs 4,45,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers A V M Nagar 2nd Street?

The Sub Registrar Office that covers A V M Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Virugambakkam. It serves as a benchmark for determining the minimum price at which a property can be sold or purchased. This value is used to calculate the applicable stamp duty and registration fees during the registration process.

When a buyer or seller engages in a property transaction, the guideline value ensures that the transaction is recorded at a fair price, which is necessary for legal and taxation purposes. It helps maintain transparency in property dealings and provides a reference point for both parties involved in the transaction.

Frequently asked questions

What is the current guideline value of A V M Nagar 2nd Street?

The current guideline value of A V M Nagar 2nd Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 423 per sq.ft in 2002 to the current value of Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 1070% since 2002.

What is the land classification for A V M Nagar 2nd Street?

A V M Nagar 2nd Street falls under the land classification of Residential Class II Type - II.

Where can I find the Sub Registrar Office for A V M Nagar 2nd Street?

The Sub Registrar Office for A V M Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in A V M Nagar 2nd 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 at the current guideline value, the total stamp duty would amount to Rs 3,46,500.