Guideline Value for Sri Selva Vinayagar Nagar

Sri Selva Vinayagar Nagar guideline value

The current guideline value of Sri Selva Vinayagar Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Azhinchivakkam village, under the Redhills Sub Registrar Office (SRO). The land classification for this street is Residential Special Type - I.

How the guideline value of Sri Selva Vinayagar Nagar has changed

The guideline value for Sri Selva Vinayagar Nagar has undergone several revisions over the years. The earliest recorded figure is from 2003, where the guideline value was Rs 34 per sq.ft. This increased significantly to Rs 200 per sq.ft in 2007, marking a change of +488%. In 2012, the value rose to Rs 400 per sq.ft, reflecting a +100% increase. However, the value saw a decrease of -16% to Rs 335 per sq.ft in 2017. The 2023 revision set the value at Rs 500 per sq.ft, which was a +49% increase from the previous figure. Finally, the current guideline value is Rs 550 per sq.ft from the 2024 revision, which is a +10% increase from 2023.

It is important to note that there is no figure available for the year 2002 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by +1518%.

Guideline values in Azhinchivakkam

In Azhinchivakkam, there are five streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 550 per sq.ft. The median value for these streets is Rs 440 per sq.ft, indicating that Sri Selva Vinayagar Nagar's 2024 figure is above this median.

• Selva Vinayagar Nagar Annex-1: Rs 440 per sq.ft (2024)
• Pillayar Koil Street: Rs 330 per sq.ft (2024)
• Mettu Street: Rs 330 per sq.ft (2024)
• Kanaga Durga Nagar: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Selva Vinayagar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would amount to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees together to Rs 49,500. 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 Selva Vinayagar Nagar?

The Sub Registrar Office that covers Sri Selva Vinayagar Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Azhinchivakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid. Buyers and sellers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for all parties involved in a property transaction. It ensures that the correct fees are paid and helps in maintaining transparency in real estate dealings. Buyers should always check the current guideline value before proceeding with a transaction to avoid any discrepancies.

Frequently asked questions

What is the current guideline value of Sri Selva Vinayagar Nagar?

The current guideline value of Sri Selva Vinayagar Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 34 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, reflecting an overall increase of +1518% over the years.

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

Other streets in Azhinchivakkam include Selva Vinayagar Nagar Annex-1 at Rs 440 per sq.ft, Pillayar Koil Street and Mettu Street both at Rs 330 per sq.ft, and Kanaga Durga Nagar at Rs 440 per sq.ft for 2024.

What are the stamp duty and registration fees for property in Sri Selva Vinayagar Nagar?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 49,500.

Which Sub Registrar Office covers this area?

The Redhills Sub Registrar Office covers Sri Selva Vinayagar Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.