Guideline Value for VAISHNAVI NAGAR

Vaishnavi Nagar guideline value

The current guideline value of Vaishnavi Nagar in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Vaishnavi Nagar has changed

The guideline value for Vaishnavi Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 93 per sq.ft. This increased to Rs 108 per sq.ft in 2003, marking a rise of 16%. The value continued to rise dramatically, reaching Rs 900 per sq.ft in 2007, which was an increase of 733%. In 2012, the guideline value was Rs 2,000 per sq.ft, reflecting a 122% increase from the previous revision. However, it then saw a decrease of 33% to Rs 1,340 per sq.ft in 2017. The value increased again to Rs 2,000 per sq.ft in 2023, and finally, it is now Rs 2,200 per sq.ft in 2024, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 2,266%. There are no figures for revisions in years other than those listed.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, making Vaishnavi Nagar's current value equal to this median.

• Vaishnavi Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Vadakkupattu Thiruvalluvar Street: Rs 2,750 per sq.ft (2024)
• Vadakkupattu Thiruvalluvar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Vadakkupattu Thiruvalluvar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Vadakkupattu Annex Salai: Rs 2,750 per sq.ft (2024)
• Valliammai Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vaishnavi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vaishnavi Nagar?

Vaishnavi Nagar 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that are payable, ensuring that the transaction is recorded accurately with the government authorities.

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 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 Vaishnavi Nagar?

The current guideline value of Vaishnavi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 93 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2,266% over the years.

What is the median guideline value in Medavakkam?

The median guideline value for streets in Medavakkam under the Chennai South Joint I SRO is Rs 2,200 per sq.ft, which is the same as the current value for Vaishnavi Nagar.

How is stamp duty calculated for properties in Vaishnavi Nagar?

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 guideline value of Rs 2,200 per sq.ft would incur a total stamp duty of Rs 1,54,000.

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

The Sub Registrar Office covering Vaishnavi Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.