Guideline Value for VANIYAR STREET

Vaniyar Street guideline value

The current guideline value of Vaniyar Street in Saidapet village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - III.

How the guideline value of Vaniyar Street has changed

The guideline value for Vaniyar Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 620 per sq.ft. This figure increased to Rs 714 per sq.ft in 2003, marking a change of +15%. The next revision in 2007 saw a significant increase to Rs 1,300 per sq.ft, which is a rise of +82%. In 2012, the value was revised to Rs 2,500 per sq.ft, reflecting an increase of +92% from the previous figure.

In 2017, the guideline value dropped to Rs 1,675 per sq.ft, showing a decrease of -33%. However, it rebounded to Rs 2,500 per sq.ft in 2023, marking a substantial increase of +49%. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, which is a 10% increase from 2023. There are no figures available for the revisions in years not listed.

Guideline values in Saidapet

Saidapet village comprises 52 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 2,750 to Rs 8,250 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, indicating that Vaniyar Street's 2024 figure is below this median.

• Venugopal Chetty Street: Rs 3,300 per sq.ft (2024)
• Vijayaragavalu Chetty Street: Rs 3,300 per sq.ft (2024)
• Vijayarangam Chetty Street: Rs 3,300 per sq.ft (2024)
• Vinayagar Koil Street: Rs 3,300 per sq.ft (2024)
• Visaka Garden Street: Rs 4,400 per sq.ft (2024)
• West Jones Road: Rs 8,250 per sq.ft (2024)

Stamp duty and registration fee for property in Vaniyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees together to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vaniyar Street?

The Sub Registrar Office that covers Vaniyar Street is 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, Chennai registration zone.

You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Saidapet. When you buy or sell a property, the guideline value is used to determine the stamp duty and registration fees payable. This ensures that both parties are aware of the financial obligations associated with the transaction.

At the time of registration, the property is assessed based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Vaniyar Street?

The current guideline value of Vaniyar Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 620 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, representing an overall increase of +344% over the years.

What is the classification of Vaniyar Street?

Vaniyar Street is classified as Residential Class IV Type - III under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for a property in Vaniyar Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,50,000. The stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles the registration for Vaniyar Street?

The Chennai South Joint I Sub Registrar Office handles the registration for Vaniyar Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.