Guideline Value for V. KRISHNA NAICKER INDUSTRIAL ESTAT

V. Krishna Naicker Industrial Estat guideline value

The current guideline value of V. Krishna Naicker Industrial Estat is Rs 1,320 per sq.ft, effective from 1 July 2024. This estate is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of V. Krishna Naicker Industrial Estat has changed

The guideline value for V. Krishna Naicker Industrial Estat has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 86 per sq.ft. This increased to Rs 99 per sq.ft in 2003, marking a 15% rise. The value then saw a significant jump to Rs 500 per sq.ft in 2007, which is an increase of 405%. In 2012, the value remained at Rs 1,200 per sq.ft, indicating no change in the register for that year.

In the subsequent revisions, the guideline value continued to rise. The 2017 revision recorded a value of Rs 804 per sq.ft, which was a decrease of 33% from the previous figure. The 2023 revision saw a substantial increase to Rs 1,200 per sq.ft, followed by the latest 2024 revision, which set the value at Rs 1,320 per sq.ft, reflecting a 10% increase from the previous year.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 770 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,660 per sq.ft, placing the guideline value of V. Krishna Naicker Industrial Estat below this median.

• V.O.C. Street: Rs 1,100 per sq.ft (2024)
• 200 Feet Road: Rs 3,300 per sq.ft (2024)
• Vembuli Nayackar 2nd Cross Street: Rs 1,660 per sq.ft (2024)
• Vembuli Nayackar 1st Cross Street: Rs 1,660 per sq.ft (2024)
• Vembuli Naicker Street: Rs 1,660 per sq.ft (2024)
• Vellammal Palli Street: Rs 1,660 per sq.ft (2024)

Stamp duty and registration fee for property in V. Krishna Naicker Industrial Estat

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers V. Krishna Naicker Industrial Estat?

The V. Krishna Naicker Industrial Estat falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Vanagaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

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 duties. This ensures that the government receives the correct amount of revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of V. Krishna Naicker Industrial Estat?

The current guideline value of V. Krishna Naicker Industrial Estat is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 86 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, representing an overall increase of 1,435% over the years.

What are the stamp duty and registration fees for this property?

The stamp duty for a property in V. Krishna Naicker Industrial Estat is 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 1,18,800.

Which office handles registrations for V. Krishna Naicker Industrial Estat?

The Chennai South Joint I Sub Registrar Office handles registrations for V. Krishna Naicker Industrial Estat, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is compared to the sale price, and the higher value is used for calculating the applicable duties.