Guideline Value for VANCHINATHAN STREET

Vanchinathan Street guideline value

The current guideline value of Vanchinathan Street is Rs 2,160 per sq.ft, effective from 1 July 2024. This street is located in Nemilicherry village under the Pallavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Vanchinathan Street has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 1,340 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 2,000 per sq.ft in the 2023 revision, representing a 49% rise. The most recent revision in 2024 set the value at Rs 2,160 per sq.ft, an increase of 8% from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for Vanchinathan Street. Overall, from the 2012 revision to the 2024 revision, the guideline value has seen an increase of 8%.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value is Rs 2,160 per sq.ft, which is equal to the 2024 figure for Vanchinathan Street.

• Valluvar High Road: Rs 2,200 per sq.ft (2024)
• Veerasidhi Vinayaga Koil Street: Rs 2,420 per sq.ft (2024)
• Vempuliamman Nagar: Rs 2,200 per sq.ft (2024)
• Tholkappiyam Street: Rs 2,160 per sq.ft (2024)
• Thiruvalluvar Street: Rs 2,160 per sq.ft (2024)
• Vigneshwara Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vanchinathan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, making the total fees Rs 1,94,400. Please 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 Vanchinathan Street?

The Sub Registrar Office that covers Vanchinathan Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Nemilicherry, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider the guideline value when negotiating sale prices, as the registration fees and stamp duties are calculated based on this value.

When registering a property, the buyer is required to pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is officially recorded and complies with local regulations.

Frequently asked questions

What is the current guideline value of Vanchinathan Street?

The current guideline value of Vanchinathan Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,160 per sq.ft in 2024.

What is the land classification for Vanchinathan Street?

Vanchinathan Street is classified as Residential Class II Type - I.

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

The Sub Registrar Office for Vanchinathan Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 21,60,000, the total fees would include a stamp duty of Rs 1,51,200 and a registration fee of Rs 43,200.