Guideline Value for VAITHIYAR STREET

Vaithiyar Street guideline value

The current guideline value of Vaithiyar Street in Palavakkam village, under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class IV Type - I.

How the guideline value of Vaithiyar Street has changed

The guideline value for Vaithiyar Street has seen significant changes over the years. In 2002, the value was Rs 112 per sq.ft, which increased to Rs 126 per sq.ft in 2003, marking a 13% rise. The value then rose sharply to Rs 400 per sq.ft in 2007, reflecting a 217% increase. Following this, the value jumped to Rs 2,000 per sq.ft in 2012, a remarkable 400% increase from the previous revision. However, it decreased to Rs 1,340 per sq.ft in 2017, showing a decline of 33%.

From 2017 to 2023, the guideline value increased significantly to Rs 2,000 per sq.ft, which is a 49% rise. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, representing a 10% increase from the previous year. There are no revisions with figures missing 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, indicating that Vaithiyar Street's 2024 figure is below this median.

• Vaiko Salai: Rs 4,400 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 Vaithiyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vaithiyar Street?

The Sub Registrar Office that covers Vaithiyar Street 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 more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Palavakkam. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the fees are calculated based on an official valuation of the property.

It is essential for buyers and sellers to be aware of the guideline value as it can significantly impact the overall cost of the transaction. The guideline value is regularly updated to reflect changes in the real estate market, ensuring that it remains relevant and accurate.

Frequently asked questions

What is the current guideline value of Vaithiyar Street?

The current guideline value of Vaithiyar Street 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 changed significantly, increasing from Rs 112 in 2002 to Rs 2,200 in 2024, which is an overall increase of 1864%.

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

Other streets in Palavakkam include Vaiko Salai at Rs 4,400 per sq.ft, Union Road at Rs 3,900 per sq.ft, and Vanjeenathan Street at Rs 1,700 per sq.ft, among others.

What fees are associated with buying property in Vaithiyar Street?

When buying property in Vaithiyar Street, you will need to pay stamp duty at 7% and a registration fee at 2% based on the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Vaithiyar Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.