Guideline Value for VANAVIL APARTMENTS

Vanavil Apartments guideline value

The current guideline value of Vanavil Apartments is Rs 12,100 per sq.ft, effective from 1 July 2024. This property is located in Villivakkam village, under the jurisdiction of the Villivakkam SRO, and falls under the Residential Class I Type - II land classification.

How the guideline value of Vanavil Apartments has changed

The guideline value for Vanavil Apartments has seen several revisions over the years. Starting from Rs 1,310 per sq.ft in 2003, it increased significantly to Rs 11,000 per sq.ft in 2012, marking a 740% rise. However, from 2012 to 2017, the value decreased to Rs 7,370 per sq.ft, a drop of 33%. The value then rose again to Rs 11,000 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 set the guideline value at Rs 12,100 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2007 for this street. Overall, from 2003 to 2024, the guideline value has increased by 824%.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft, with a median value of Rs 4,900 per sq.ft. The guideline value of Vanavil Apartments at Rs 12,100 per sq.ft is above this median.

• VALLALAR KUDIYIRUPPU 9th STREET: Rs 8,200 per sq.ft (2024)
• VALLALAR KUDIYIRUPPU 8th STREET: Rs 8,200 per sq.ft (2024)
• VALLALAR KUDIYIRUPPU 7th STREET: Rs 8,200 per sq.ft (2024)
• VALLALAR KUDIYIRUPPU 6th STREET: Rs 8,200 per sq.ft (2024)
• VALLALAR KUDIYIRUPPU 11th STREET: Rs 8,200 per sq.ft (2024)
• VALLALAR KUDIYIRUPPU 10th STREET: Rs 8,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vanavil Apartments

For a 1,000 sq.ft plot at the current guideline value of Rs 12,100 per sq.ft, the total guideline value would be Rs 1,21,00,000. The stamp duty, charged at 7%, would amount to Rs 8,47,000, while the registration fee at 2% would be Rs 2,42,000. Therefore, the total fees would be Rs 10,89,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vanavil Apartments?

The Sub Registrar Office covering Vanavil Apartments is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Villivakkam. 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 a property is sold, the buyer and seller must consider the guideline value to calculate the applicable fees. The registration process requires that the property be registered at either the guideline value or the sale price, whichever is higher, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Vanavil Apartments?

The current guideline value of Vanavil Apartments is Rs 12,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,310 per sq.ft in 2003 to Rs 12,100 per sq.ft in 2024, marking an overall increase of 824% over the years.

What is the land classification of Vanavil Apartments?

Vanavil Apartments falls under the Residential Class I Type - II land classification.

What are the stamp duty and registration fees for properties in Vanavil Apartments?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 10,89,000.

Where is the Sub Registrar Office for Vanavil Apartments located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.