Guideline Value for VANIAMPATHI STREET

Vaniampathi Street guideline value

The current guideline value of Vaniampathi Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Vaniampathi Street has changed

The guideline value for Vaniampathi Street has experienced several revisions over the years. The oldest recorded revision is from 2012, where the guideline value was Rs 7,000 per sq.ft. This was followed by a decrease to Rs 4,690 per sq.ft in the 2017 revision. The most recent revision in 2024 saw a significant increase to Rs 7,700 per sq.ft, marking a 64% rise from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for Vaniampathi Street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, indicating that Vaniampathi Street's current value is below this median.

• Vannan Medu Street: Rs 3,300 per sq.ft (2024)
• Valluvar Thulasingam Street: Rs 3,300 per sq.ft (2024)
• Valleswaran Thottam 3rd Street: Rs 3,300 per sq.ft (2024)
• Valleswaran Thottam 2nd Street: Rs 3,300 per sq.ft (2024)
• Valleswaran Thottam 1st Street: Rs 3,300 per sq.ft (2024)
• Valleeswaran Thottam: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vaniampathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value is Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, totaling Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vaniampathi Street?

The Sub Registrar Office that covers Vaniampathi Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for additional assistance.

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

The guideline value is a critical factor in the registration process of property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling a property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two figures is used to calculate the applicable duties. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vaniampathi Street?

The current guideline value of Vaniampathi Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 7,000 per sq.ft in 2012 to Rs 4,690 per sq.ft in 2017, and then to Rs 7,700 per sq.ft in 2024. This reflects a 64% increase from 2017 to 2024 and an overall increase of 10% from 2012 to 2024.

What is the land classification of Vaniampathi Street?

Vaniampathi Street is classified as Residential Class IV Type - II, which indicates its designation for residential purposes within the Mylapore SRO.

What are the stamp duty and registration fees for properties in Vaniampathi Street?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Vaniampathi Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. This office handles the registration of property transactions in the area.