Guideline Value for SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29)

SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29) guideline value

The current guideline value for SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29) is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village under the Virugambakkam SRO, and it falls under the Residential Class II Type - II land classification.

How the guideline value of SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29) has changed

The guideline value for SRI VENKATESH NAGAR - Vinayagam Street has undergone several revisions over the years. Starting from the 2002 revision, the value was set at Rs 665 per sq.ft. In 2003, it increased to Rs 737 per sq.ft, marking an 11% rise. The value saw a significant jump in 2007, reaching Rs 1,100 per sq.ft, which was a 49% increase from the previous year. The 2012 revision brought it back up to Rs 4,500 per sq.ft, reflecting a 309% increase. However, in 2017, it decreased to Rs 3,015 per sq.ft, indicating a 33% decline. The value then rose again to Rs 4,500 per sq.ft in 2023, before reaching the current rate of Rs 4,950 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 644%. There are no figures available for the revisions in years other than those listed.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that have a guideline value for 2024, 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 SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29) above this median.

• SRI VENKATESH NAGAR - Nehru Street: Rs 4,950 per sq.ft (2024)
• SRI VENKATESH NAGAR - Munusamy Street: Rs 4,950 per sq.ft (2024)
• SRI VENKATESH NAGAR - Kambar Street: Rs 4,950 per sq.ft (2024)
• Sri Venkatesh Nagar - Gandhi Street: Rs 4,950 per sq.ft (2024)
• SRI VENKATESH NAGAR - Bakthavatchalam Street: Rs 4,950 per sq.ft (2024)
• State Bank Colony 1st Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29)

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 charges 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 details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29)?

The Sub Registrar Office that covers SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29) 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 plays a crucial role in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that both parties are aware of the financial obligations involved in the transaction.

When registering a property, the guideline value is considered alongside the sale price. The duty is charged on the higher of the two values, which means that buyers should be prepared for potential costs based on the guideline value, especially if the sale price is lower.

Frequently asked questions

What is the current guideline value of SRI VENKATESH NAGAR - Vinayagam Street?

The current guideline value of SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29) 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 significantly over the years, starting from Rs 665 per sq.ft in 2002 to the current rate of Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 644%.

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

For a property valued at 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 office handles property registrations for SRI VENKATESH NAGAR?

The Virugambakkam Sub Registrar Office handles property registrations for SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29), located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for this street?

SRI VENKATESH NAGAR - Vinayagam Street(S.NO. 20/29) is classified as Residential Class II Type - II.