Guideline Value for VAIKO SALAI

Vaiko Salai guideline value

The current guideline value of Vaiko Salai is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class I Type - II.

How the guideline value of Vaiko Salai has changed

The guideline value of Vaiko Salai has seen significant changes over the years. In 2007, the value was Rs 700 per sq.ft, which increased dramatically to Rs 4,000 per sq.ft in 2012, marking a rise of 471%. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, a decline of 33%. The value then rose again to Rs 4,000 per sq.ft in 2023, followed by a further increase to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 529%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Vaiko Salai's 2024 figure above that median.

• Vaithiyar Street: Rs 2,200 per sq.ft (2024)
• Union Road: Rs 3,900 per sq.ft (2024)
• Vanjeenathan Street: Rs 1,700 per sq.ft (2024)
• Va.Vo.Cee. Street(Near Ecr): Rs 2,800 per sq.ft (2024)
• Veeramani Main Road 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Veeramani Main Road 2nd Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vaiko Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Vaiko Salai?

The Sub Registrar Office that covers Vaiko Salai is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for additional information.

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

The guideline value is a critical factor when registering property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, both parties must consider the guideline value as it directly impacts the financial obligations associated with the transaction. It is essential to verify the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vaiko Salai?

The current guideline value of Vaiko Salai is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 700 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 529% over the years.

What is the stamp duty for a property in Vaiko Salai?

The stamp duty for a property in Vaiko Salai is 7% of the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000.

What are the registration fees for property transactions?

The registration fee for property transactions in Vaiko Salai is 2% of the guideline value or the sale price. For a property valued at Rs 44,00,000, the registration fee would amount to Rs 88,000.

Where can I find more information about the Neelankarai SRO?

You can find more information about the Neelankarai Sub Registrar Office, including its address and services, by visiting the find your SRO page.