Guideline Value for SRI VIGNESHWARA NAGAR

Sri Vigneshwara Nagar guideline value

The current guideline value of Sri Vigneshwara Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Kumili village under the Thiruporur SRO, classified as Mixed Type - III land.

How the guideline value of Sri Vigneshwara Nagar has changed

The guideline value of Sri Vigneshwara Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 500 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 335 per sq.ft. Following that, the value increased to Rs 500 per sq.ft in both the 2023 and 2024 revisions, reflecting a 49% increase from 2017 to 2023, while showing no overall change from 2012 to 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

In summary, the guideline value has fluctuated but has returned to Rs 500 per sq.ft as of the latest revision in 2024. The values from previous revisions indicate a significant change from Rs 335 per sq.ft in 2017 to the current rate, while the value in 2012 was also Rs 500 per sq.ft.

Guideline values in Kumili

In Kumili, there are 21 streets under the Thiruporur SRO with a 2024 guideline value ranging from Rs 200 to Rs 1,800 per sq.ft. The median guideline value for these streets is Rs 400 per sq.ft, placing Sri Vigneshwara Nagar above this median.

• Somas Garden Phase I, II & III: Rs 400 per sq.ft (2024)
• Shri Mayura Avenue: Rs 800 per sq.ft (2024)
• Shri Kantha Garden: Rs 300 per sq.ft (2024)
• Vasan Nagar: Rs 300 per sq.ft (2024)
• Sai Sarvesh Nagar: Rs 1,400 per sq.ft (2024)
• Saastha Nagar: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vigneshwara Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, resulting in a total of Rs 45,000. 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 the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Vigneshwara Nagar?

The Sub Registrar Office covering Sri Vigneshwara Nagar is the Thiruporur Sub Registrar Office, located at No.29, South Mada Street, Thiruporur-603110, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Kumili. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that these costs are calculated based on the established guideline value.

When a property is sold, the guideline value helps in assessing the official value of the property for taxation purposes. Buyers and sellers should be aware that the guideline value may differ from the actual sale price, and the stamp duty will be charged on the higher of the two values.

Frequently asked questions

What is the current guideline value of Sri Vigneshwara Nagar?

The current guideline value of Sri Vigneshwara Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent being Rs 500 per sq.ft in 2024, unchanged from 2023. The value was Rs 335 per sq.ft in 2017 and Rs 500 per sq.ft in 2012.

What is the land classification for Sri Vigneshwara Nagar?

Sri Vigneshwara Nagar is classified as Mixed Type - III land, which indicates the type of development and usage permitted in the area.

Where can I find the registration office for Sri Vigneshwara Nagar?

The registration office for Sri Vigneshwara Nagar is the Thiruporur Sub Registrar Office, located at No.29, South Mada Street, Thiruporur-603110, Chengalpattu registration zone.

How is stamp duty calculated in Kumili?

Stamp duty in Kumili is calculated based on the guideline value or the sale price of the property, whichever is higher. It is important for buyers and sellers to be aware of these calculations when engaging in property transactions.