Guideline Value for V.I.P. AVENUE

V.I.P. Avenue guideline value

The current guideline value of V.I.P. Avenue in Chitthalapakkam village is Rs 2,900 per sq.ft, effective from 1 July 2024. This street falls under the Selaiyur SRO and is classified as Industries Type - I.

How the guideline value of V.I.P. Avenue has changed

The guideline value for V.I.P. Avenue has seen several revisions over the years. The 2012 revision set the value at Rs 2,700 per sq.ft, which then decreased to Rs 1,809 per sq.ft in the 2017 revision. The 2023 revision brought it back up to Rs 2,700 per sq.ft, and the most recent 2024 revision has increased it to Rs 2,900 per sq.ft. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 7%. Overall, from 2012 to 2024, the guideline value has increased by 7% as well.

Guideline values in Chitthalapakkam

Chitthalapakkam has 107 streets under the Selaiyur SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 5,000 per sq.ft. The median guideline value for these streets is Rs 2,900 per sq.ft, which matches the current value for V.I.P. Avenue.

• V.I.P Avenue Extension: Rs 2,900 per sq.ft (2024)
• Vinoba Nagar: Rs 2,700 per sq.ft (2024)
• Vivekandar Nagar: Rs 3,300 per sq.ft (2024)
• Vivekandar Nagar Extension: Rs 3,300 per sq.ft (2024)
• Vijay Avenue Extension: Rs 2,900 per sq.ft (2024)
• Vijay Avenue 4th Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in V.I.P. Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value is Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, totaling Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.I.P. Avenue?

The Sub Registrar Office that covers V.I.P. Avenue is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Chitthalapakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal ownership transfer.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with the registration requirements. This value is periodically revised, reflecting changes in the property market and local regulations.

Frequently asked questions

What is the current guideline value of V.I.P. Avenue?

The current guideline value of V.I.P. Avenue is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2023 to Rs 2,900 per sq.ft in 2024, marking a 7% increase. It also rose from Rs 1,809 per sq.ft in 2017 to Rs 2,700 per sq.ft in 2023, a 49% increase.

What are the other guideline values in Chitthalapakkam?

In Chitthalapakkam, the guideline values for various streets range from Rs 1,300 to Rs 5,000 per sq.ft, with a median value of Rs 2,900 per sq.ft. Other streets include V.I.P Avenue Extension and Vijay Avenue Extension, both at Rs 2,900 per sq.ft.

How is stamp duty calculated for properties in V.I.P. Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 29,00,000, the stamp duty at 7% would amount to Rs 2,03,000.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. You can find more information by visiting the appropriate links.