Guideline Value for Sri Vignesh Nagar

Sri Vignesh Nagar guideline value

The current guideline value of Sri Vignesh Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Sri Vignesh Nagar has changed

The guideline value for Sri Vignesh Nagar has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,200 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has set the guideline value at Rs 1,300 per sq.ft, which is an 8% increase from the previous year.

It is important to note that there are no figures available for this street in the revisions of 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Sri Vignesh Nagar is below this median.

• Sri Vinayaga Nagar: Rs 1,600 per sq.ft (2024)
• Sri Vinayaga Nagar Extension: Rs 1,600 per sq.ft (2024)
• Sri Venkateswara Nagar: Rs 1,300 per sq.ft (2024)
• S.S. Koil Street: Rs 1,300 per sq.ft (2024)
• S.S. Nagar (Ward-01): Rs 1,300 per sq.ft (2024)
• S.S. Nagar (Ward-02): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vignesh Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty, charged at 7%, amounts to Rs 91,000, and the registration fee, charged at 2%, is Rs 26,000. Together, the total cost for these fees would be Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sri Vignesh Nagar?

The Sub Registrar Office that covers Sri Vignesh Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when buying or selling property.

When a property is registered, the guideline value is used to calculate the fees based on the higher of the guideline value or the sale price. This ensures that the correct amount of duty is paid in accordance with the established regulations.

Frequently asked questions

What is the current guideline value of Sri Vignesh Nagar?

The current guideline value of Sri Vignesh Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the stamp duty for properties in Sri Vignesh Nagar?

The stamp duty for properties in Sri Vignesh Nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

What are the registration fees for properties in Sri Vignesh Nagar?

The registration fee for properties in Sri Vignesh Nagar is charged at 2% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Sri Vignesh Nagar?

The Sub Registrar Office for Sri Vignesh Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.