Guideline Value for Seenivasan Street (Near Vellan Street)

Seenivasan Street (Near Vellan Street) guideline value

The current guideline value of Seenivasan Street (Near Vellan Street) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Seenivasan Street (Near Vellan Street) has changed

Since the 2002 revision, the guideline value for Seenivasan Street (Near Vellan Street) has seen significant changes. In 2002, the guideline value was Rs 488 per sq.ft. This increased to Rs 541 per sq.ft in 2003, marking an increase of 11%. The value rose further to Rs 1,100 per sq.ft in 2007, representing a 103% increase. By 2012, the value reached Rs 3,000 per sq.ft, which was a substantial increase of 173% from the previous revision. However, it decreased to Rs 2,010 per sq.ft in 2017, showing a decline of 33%.

In 2023, the guideline value was Rs 3,000 per sq.ft, and it then increased to Rs 3,300 per sq.ft in 2024, reflecting a rise of 10%. Overall, from 2002 to 2024, the guideline value has increased by 576%. 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 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Seenivasan Street (Near Vellan Street) is below this median.

• School Street: Rs 3,300 per sq.ft (2024)
• School Road (School View Street): Rs 3,300 per sq.ft (2024)
• School 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• School 2nd Street: Rs 3,300 per sq.ft (2024)
• School 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• School 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Seenivasan Street (Near Vellan Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, resulting in a total of Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Seenivasan Street (Near Vellan Street)?

The Sub Registrar Office that covers Seenivasan Street (Near Vellan 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 information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the government receives the appropriate stamp duty and registration fees based on the property's value.

When a buyer and seller agree on a sale price, the guideline value is compared to this price. The higher of the two will be used to calculate the applicable stamp duty and registration fees. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Seenivasan Street (Near Vellan Street)?

The current guideline value of Seenivasan Street (Near Vellan Street) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 488 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 576% over the years.

What are the stamp duty and registration fees for property in Seenivasan Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 33,00,000, with a stamp duty of Rs 2,31,000 and a registration fee of Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers Seenivasan Street?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, covers Seenivasan Street (Near Vellan Street).

What is the land classification for Seenivasan Street?

Seenivasan Street (Near Vellan Street) is classified as Residential Class IV Type - I under the Virugambakkam SRO.