Guideline Value for Sri Vigneshwara Avenue

Sri Vigneshwara Avenue guideline value

The current guideline value of Sri Vigneshwara Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Nanmangalam village, under the Pallavaram SRO, and falls under the Residential Class I Type - I land classification.

How the guideline value of Sri Vigneshwara Avenue has changed

The guideline value of Sri Vigneshwara Avenue has seen significant changes over the years. In 2002, the value was Rs 52 per sq.ft, which increased to Rs 84 per sq.ft in 2003. Following this, there was a substantial rise to Rs 600 per sq.ft in 2007, followed by a dramatic increase to Rs 2,500 per sq.ft in 2012. However, the value then decreased to Rs 1,675 per sq.ft in 2017. From 2017 to 2023, the value rose sharply to Rs 2,500 per sq.ft, and the latest revision in 2024 set it at Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 5,188%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Nanmangalam

Nanmangalam village has a range of guideline values across its 139 streets under the Pallavaram SRO, with figures for 2024 ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median value is Rs 2,750 per sq.ft, which is equal to the current value of Sri Vigneshwara Avenue.

• S.R, Nagar: Rs 1,960 per sq.ft (2024)
• Sri Sumathinath Residency: Rs 2,750 per sq.ft (2024)
• Sri Sathya Sai Nagar: Rs 1,960 per sq.ft (2024)
• Sriram Nagar: Rs 2,750 per sq.ft (2024)
• Suseela Nagar Extension: Rs 2,750 per sq.ft (2024)
• Sri Perumal Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vigneshwara Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Vigneshwara Avenue?

The Sub Registrar Office that covers Sri Vigneshwara Avenue is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Nanmangalam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, both parties must consider the guideline value, as it influences the overall costs involved in the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on this value, which can significantly impact the total expenditure during the property transfer process.

Frequently asked questions

What is the current guideline value of Sri Vigneshwara Avenue?

The current guideline value of Sri Vigneshwara Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 52 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, showing an overall increase of 5,188% over the years.

What is the registration office for Sri Vigneshwara Avenue?

The registration office for Sri Vigneshwara Avenue is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What are the stamp duty and registration fees for a property in Sri Vigneshwara Avenue?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

What is the median guideline value in Nanmangalam?

The median guideline value in Nanmangalam is Rs 2,750 per sq.ft, which is the same as the current value for Sri Vigneshwara Avenue.