Guideline Value for VAIKKAKARAN STREET

Vaikkakaran Street guideline value

The current guideline value of Vaikkakaran Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Class III Type - III.

How the guideline value of Vaikkakaran Street has changed

Over the years, the guideline value of Vaikkakaran Street has seen significant changes. The 2007 revision recorded a value of Rs 1,800 per sq.ft, which increased dramatically to Rs 5,500 per sq.ft in the 2012 revision, marking a 206% rise. However, this value decreased to Rs 3,685 per sq.ft in the 2017 revision, representing a decline of 33%. The subsequent revisions showed a substantial increase, with the 2023 revision at Rs 5,500 per sq.ft, followed by the current value of Rs 6,000 per sq.ft in 2024, which is a 9% increase from the previous year.

It is important to note that there are no figures available for Vaikkakaran Street in the revisions for the years 2002 and 2003. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 233%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, placing Vaikkakaran Street's 2024 guideline value above that median.

• Vali Hussain Street: Rs 5,500 per sq.ft (2024)
• Vada Malai Pillai Street: Rs 6,000 per sq.ft (2024)
• Uppira Valluvan Street: Rs 4,400 per sq.ft (2024)
• Uppira Narayanan Street: Rs 4,400 per sq.ft (2024)
• Uppira Narayanan 3rd Lane: Rs 4,400 per sq.ft (2024)
• Uppira Narayanan 2nd Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Vaikkakaran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total cost for these fees to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vaikkakaran Street?

The Sub Registrar Office that covers Vaikkakaran Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Purasaivakkam, 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 applicable stamp duty and registration fees, ensuring that both parties adhere to legal requirements.

It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process. This value reflects the official price set by the government for properties in specific areas, including Vaikkakaran Street.

Frequently asked questions

What is the current guideline value of Vaikkakaran Street?

The current guideline value of Vaikkakaran Street is Rs 6,000 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 1,800 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 233% over the years.

What are the other streets in Purasaivakkam with their guideline values?

Other streets in Purasaivakkam include Vali Hussain Street at Rs 5,500 per sq.ft, Vada Malai Pillai Street at Rs 6,000 per sq.ft, and several others at Rs 4,400 per sq.ft.

What is the stamp duty rate for properties in Vaikkakaran Street?

The stamp duty rate for properties in Vaikkakaran Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Vaikkakaran Street?

The Sub Registrar Office for Vaikkakaran Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.