Guideline Value for Sri Vijayalakshmi Nagar

Sri Vijayalakshmi Nagar guideline value

The current guideline value of Sri Vijayalakshmi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Kovur village, under the Kunrathur SRO, and is classified as Residential Special Type - I.

How the guideline value of Sri Vijayalakshmi Nagar has changed

The guideline value for Sri Vijayalakshmi Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was followed by a decrease to Rs 1,005 per sq.ft in the 2017 revision. However, the value saw a significant increase to Rs 1,500 per sq.ft in the 2023 revision, and further rose to Rs 1,650 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The overall change from the 2012 revision to the 2024 revision reflects a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kovur

Kovur village has a total of 91 streets under the Kunrathur SRO, with the 2024 guideline values ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current value for Sri Vijayalakshmi Nagar.

• Sri Visalathchi Nagar: Rs 1,650 per sq.ft (2024)
• S.R.S.Nagar: Rs 1,320 per sq.ft (2024)
• S.S. Nagar: Rs 1,650 per sq.ft (2024)
• Sri Vaishnavi Avenue & Extention I, II: Rs 1,650 per sq.ft (2024)
• Sri Thirumal Nagar: Rs 1,430 per sq.ft (2024)
• Sri Srinivasa Nagar: Rs 1,430 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vijayalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Sri Vijayalakshmi Nagar?

The Sub Registrar Office that covers Sri Vijayalakshmi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kovur. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When you register a property, the guideline value helps in calculating the applicable taxes, which must be paid to complete the transaction legally. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Vijayalakshmi Nagar?

The current guideline value of Sri Vijayalakshmi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Sri Vijayalakshmi Nagar has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Sri Vijayalakshmi Nagar?

Sri Vijayalakshmi Nagar is classified as Residential Special Type - I, which indicates its suitability for residential development.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069. This office handles property registrations in the area.

How is the stamp duty calculated for properties in Sri Vijayalakshmi Nagar?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would amount to Rs 1,15,500.