Guideline Value for Abirami Nagar 2nd Street

Abirami Nagar 2nd Street guideline value

The current guideline value of Abirami 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 Abirami Nagar 2nd Street has changed

The guideline value for Abirami Nagar 2nd Street has undergone several revisions over the years. Starting from the earliest record in 2002, the guideline value was Rs 214 per sq.ft. This increased significantly to Rs 237 per sq.ft in 2003, marking an 11% rise. The value then surged to Rs 1,700 per sq.ft in 2007, reflecting a substantial increase of 617%. Following this, the value was revised to Rs 4,500 per sq.ft in 2012, which was a 165% increase from the previous figure. However, it decreased to Rs 3,015 per sq.ft in 2017, showing a decline of 33%.

In 2023, the guideline value rose to Rs 4,500 per sq.ft, and in the most recent revision for 2024, it has increased to Rs 4,950 per sq.ft, which is a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 2,213% for this street.

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 in this area is Rs 4,400 per sq.ft, placing Abirami Nagar 2nd Street's 2024 figure above that median.

• Abirami Nagar 1st Street: Rs 4,950 per sq.ft (2024)
• Abusali Street - Virugambakkam: Rs 7,150 per sq.ft (2024)
• Alwarthiru Nagar Annexe School View Street: Rs 5,500 per sq.ft (2024)
• Ambethkar Street - Chimtenkulam: Rs 4,400 per sq.ft (2024)
• Anna Colony: Rs 4,400 per sq.ft (2024)
• Annaji Rao Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Abirami 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 would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total fees to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Abirami Nagar 2nd Street?

The Sub Registrar Office that covers Abirami 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 details.

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

When buying or selling property in Virugambakkam, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value serves as a benchmark for the minimum value at which a property can be registered, ensuring that transactions are conducted at a fair value.

At the time of registration, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This helps in maintaining transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Abirami Nagar 2nd Street?

The current guideline value of Abirami 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 increased from Rs 214 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, marking an overall increase of 2,213%.

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

For a 1,000 sq.ft property, the total guideline value is Rs 49,50,000. The stamp duty would be Rs 3,46,500 and the registration fee would be Rs 99,000, totaling Rs 4,45,500.

Which Sub Registrar Office covers this street?

The Virugambakkam Sub Registrar Office covers Abirami Nagar 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Abirami Nagar 2nd Street?

The land classification for Abirami Nagar 2nd Street is Residential Class II Type - II.