Guideline Value for Thiru.Vi.Ka. Street

Thiru.Vi.Ka. Street guideline value

The current guideline value of Thiru.Vi.Ka. Street in Naravarikuppam village, under the Redhills SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Class I Type - I.

How the guideline value of Thiru.Vi.Ka. Street has changed

The guideline value for Thiru.Vi.Ka. Street has seen several revisions over the years. In 2002, the value was Rs 3,471 per sq.ft, which decreased to Rs 353 per sq.ft in 2003. This was followed by a significant increase to Rs 700 per sq.ft in 2007, and then to Rs 3,000 per sq.ft in 2012. However, in 2017, it dropped to Rs 2,010 per sq.ft before rising again to Rs 3,000 per sq.ft in 2023. The latest revision in 2024 saw an increase to Rs 3,300 per sq.ft, marking a 10% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has decreased by 5%. The changes between the revisions highlight fluctuations in value, such as the 329% increase from 2007 to 2012 and the 49% increase from 2017 to 2023. There are no figures available for the years not mentioned in this register.

Guideline values in Naravarikuppam

Naravarikuppam has a total of 112 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing Thiru.Vi.Ka. Street's 2024 figure above that median.

• Thirvalluvar Street: Rs 1,650 per sq.ft (2024)
• T.V.S. Fathima Street: Rs 2,200 per sq.ft (2024)
• T.V.S. Nagar: Rs 2,200 per sq.ft (2024)
• Vallalar Nagar Street: Rs 2,200 per sq.ft (2024)
• Vallimayil Market City: Rs 2,210 per sq.ft (2024)
• Thanthai Periyar Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Thiru.Vi.Ka. 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. Together, the total for these fees would be Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Thiru.Vi.Ka. Street?

The Sub Registrar Office that covers Thiru.Vi.Ka. Street 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 Naravarikuppam

The guideline value is a crucial factor in the registration process when buying or selling property in Naravarikuppam. It serves as the basis for calculating stamp duty and registration fees, ensuring that transactions are conducted at fair values as determined by the state. Buyers and sellers must be aware of the current guideline value to accurately assess their financial obligations during the registration process.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as assessed by the state.

Frequently asked questions

What is the current guideline value of Thiru.Vi.Ka. Street?

The current guideline value of Thiru.Vi.Ka. 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 changed significantly, with the latest revision showing a 10% increase from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024. Other notable changes include a drop from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017.

What is the registration office for Thiru.Vi.Ka. Street?

The registration office for Thiru.Vi.Ka. Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Thiru.Vi.Ka. Street?

Stamp duty for properties in Thiru.Vi.Ka. Street is calculated based on 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 be Rs 2,31,000.

What is the land classification of Thiru.Vi.Ka. Street?

Thiru.Vi.Ka. Street is classified as Commercial Class I Type - I, which influences its guideline value and potential uses for property development.