Guideline Value for VADIVEL NAGAR

Vadivel Nagar guideline value

The current guideline value of Vadivel Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Varadarajapuram village under the Padappai SRO, classified as Residential Special Type - II.

How the guideline value of Vadivel Nagar has changed

Over the years, the guideline value for Vadivel Nagar has seen several revisions. In 2012, the guideline value was Rs 1,500 per sq.ft. This figure was then revised to Rs 1,005 per sq.ft in 2017, marking a decrease of 33%. The subsequent revision in 2023 brought the value back up to Rs 1,500 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, the guideline value increased by 49%. When considering the overall change from 2012 to 2024, the guideline value has risen by 10%.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 4,100 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which aligns with the current value of Vadivel Nagar.

• Vaidegi Nagar: Rs 1,100 per sq.ft (2024)
• Vamanan Avenue: Rs 2,960 per sq.ft (2024)
• Vasantham Nagar: Rs 1,650 per sq.ft (2024)
• Vasantham Nagar S.No.539/1: Rs 880 per sq.ft (2024)
• Vasantham Nagar S.Nos.539/1, 540/1a: Rs 880 per sq.ft (2024)
• Thowbik Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Vadivel 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 charges to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vadivel Nagar?

The Sub Registrar Office that covers Vadivel Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Varadarajapuram. It is used to determine the stamp duty and registration fees that are applicable when buying or selling property. Buyers and sellers must consider the guideline value to ensure they are aware of the costs associated with the registration process.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vadivel Nagar?

The current guideline value of Vadivel 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 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 Vadivel Nagar?

Vadivel Nagar is classified as Residential Special Type - II, indicating its designated use for residential purposes.

Where can I find the Sub Registrar Office for Vadivel Nagar?

The Sub Registrar Office for Vadivel Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in Vadivel Nagar?

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty and registration fee of Rs 1,48,500.