Guideline Value for OLD VAZHAIMA NAGAR

Old Vazhaima Nagar guideline value

The current guideline value of Old Vazhaima Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this street is Residential Class V Type - III.

How the guideline value of Old Vazhaima Nagar has changed

The guideline value for Old Vazhaima Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 1,100 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in 2017. Following this, the value rose again to Rs 2,500 per sq.ft in 2023, and currently, it stands at Rs 2,700 per sq.ft from the 2024 revision.

Between the revisions, the changes were as follows: from 2017 to 2023, the value increased by 49%, while from 2012 to 2017, it decreased by 33%. The jump from 2007 to 2012 was notable at 127%. Overall, from 2007 to 2024, the guideline value has increased by 145%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value for Old Vazhaima Nagar is below this median.

• Ormes 1st Street: Rs 8,800 per sq.ft (2024)
• Ormes 2nd Street: Rs 8,800 per sq.ft (2024)
• Ormes 3rd Street: Rs 8,800 per sq.ft (2024)
• Ormes 4th Street: Rs 8,800 per sq.ft (2024)
• Ormes Road 1st Cross Street: Rs 8,800 per sq.ft (2024)
• Ormes Road 2nd Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Old Vazhaima Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total cost for these fees Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Old Vazhaima Nagar?

Old Vazhaima Nagar is covered by the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Purasaivakkam. It serves as a reference for determining the stamp duty and registration fees that are applicable during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Old Vazhaima Nagar?

The current guideline value of Old Vazhaima Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 145% over the years.

What are the other streets in Purasaivakkam with their guideline values?

Other streets in Purasaivakkam include Ormes 1st Street, Ormes 2nd Street, Ormes 3rd Street, Ormes 4th Street, Ormes Road 1st Cross Street, and Ormes Road 2nd Cross Street, all valued at Rs 8,800 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Old Vazhaima Nagar?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which Sub Registrar Office covers Old Vazhaima Nagar?

The Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, covers Old Vazhaima Nagar.