Guideline Value for SWAMY VIVEKANANTHAR NAGAR 1ST STREET

Swamy Vivekananthar Nagar 1st Street guideline value

The current guideline value of Swamy Vivekananthar Nagar 1st Street is Rs 1,925 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village, under the Chennai South Joint I SRO, and is classified as Residential Class II Type - I.

How the guideline value of Swamy Vivekananthar Nagar 1st Street has changed

Over the years, the guideline value for Swamy Vivekananthar Nagar 1st Street has seen several revisions. The 2012 revision set the value at Rs 1,750 per sq.ft, which was then decreased to Rs 1,172 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,750 per sq.ft in the 2023 revision, and further rose to Rs 1,925 per sq.ft in the 2024 revision. Notably, there are no figures for this street in the revisions for 2002, 2003, and 2007.

When examining the changes between revisions, the 2023 to 2024 revision reflects a 10% increase. The 2017 to 2023 revision saw a substantial increase of 49%. However, the 2012 to 2017 revision experienced a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,660 per sq.ft, placing Swamy Vivekananthar Nagar 1st Street's 2024 figure above that median.

• Swamy Vivekananthar Nagar: Rs 1,925 per sq.ft (2024)
• Swamy Vivekananthar Nagar 2nd Street: Rs 1,925 per sq.ft (2024)
• Swamy Vivekananthar Nagar 3rd Street: Rs 1,925 per sq.ft (2024)
• Swamy Vivekananda Nagar: Rs 1,925 per sq.ft (2024)
• Swamy Vivekananthar Nagar 4th Street: Rs 1,925 per sq.ft (2024)
• Swamy Vivekananthar Nagar 5th Street: Rs 1,925 per sq.ft (2024)

Stamp duty and registration fee for property in Swamy Vivekananthar Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,925 per sq.ft, the total guideline value would be Rs 19,25,000. The stamp duty at 7% would amount to Rs 1,34,750, while the registration fee at 2% would be Rs 38,500. Together, these fees would total Rs 1,73,250. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Swamy Vivekananthar Nagar 1st Street?

The Sub Registrar Office that covers Swamy Vivekananthar Nagar 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035, Chennai registration zone.

You can find your SRO for more details.

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

The guideline value is a critical factor when buying or selling property in Vanagaram, as it determines the amount of stamp duty and registration fees payable at the time of registration. Buyers should be aware that the guideline value is set by the government and is subject to periodic revisions based on market conditions and other factors.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government collects appropriate fees for property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value for Swamy Vivekananthar Nagar 1st Street?

The current guideline value for Swamy Vivekananthar Nagar 1st Street is Rs 1,925 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,750 per sq.ft in 2012 to Rs 1,172 per sq.ft in 2017, then increased to Rs 1,750 per sq.ft in 2023, and finally to Rs 1,925 per sq.ft in 2024.

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

For a property valued at Rs 19,25,000, the stamp duty would be Rs 1,34,750 and the registration fee would be Rs 38,500, totaling Rs 1,73,250.

Which Sub Registrar Office covers this street?

The Chennai South Joint I Sub Registrar Office covers Swamy Vivekananthar Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Swamy Vivekananthar Nagar 1st Street?

Swamy Vivekananthar Nagar 1st Street is classified as Residential Class II Type - I, indicating its designation for residential use.