Guideline Value for VANNIAR 1st SOUTH STREET

VANNIAR 1st SOUTH STREET guideline value

The current guideline value of VANNIAR 1st SOUTH STREET is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Korattur village under the Villivakkam SRO and falls under the Residential Class II Type - III land classification.

How the guideline value of VANNIAR 1st SOUTH STREET has changed

The guideline value for VANNIAR 1st SOUTH STREET has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,500 per sq.ft, an increase from Rs 2,300 per sq.ft in the 2023 revision. Prior to that, the 2012 revision also recorded the value at Rs 2,300 per sq.ft. There are no figures available for the years 2017, 2007, 2003, and 2002 for this street.

From 2012 to 2023, there was no change in the guideline value, while the increase from 2023 to 2024 represents a 9% rise. Overall, the guideline value increased by 9% from the 2012 revision to the 2024 revision.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, which is the same as the guideline value for VANNIAR 1st SOUTH STREET.

• VANNIAR 1st STREET: Rs 2,500 per sq.ft (2024)
• VANNIAR 2nd STREET: Rs 2,500 per sq.ft (2024)
• Vanchi Nagar Extension: Rs 2,100 per sq.ft (2024)
• Vanchi Nagar: Rs 2,100 per sq.ft (2024)
• Vanasakthi Nagar Phase V: Rs 2,900 per sq.ft (2024)
• Vanasakthi Nagar Phase IV: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in VANNIAR 1st SOUTH STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. It is important to 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 to estimate your costs.

Which Sub Registrar Office covers VANNIAR 1st SOUTH STREET?

The Sub Registrar Office that covers VANNIAR 1st SOUTH STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor when registering a property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the property transaction process.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately, reflecting the official value set by the Registration Department. This helps in maintaining transparency in property dealings.

Frequently asked questions

What is the current guideline value of VANNIAR 1st SOUTH STREET?

The current guideline value of VANNIAR 1st SOUTH STREET is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2023 to Rs 2,500 per sq.ft in 2024, marking a 9% increase. There was no change from 2012 to 2023, and the overall increase from 2012 to 2024 is also 9%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000, and the registration fee would be Rs 50,000, totaling Rs 2,25,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registration for VANNIAR 1st SOUTH STREET?

The Villivakkam Sub Registrar Office handles property registration for VANNIAR 1st SOUTH STREET. It is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for VANNIAR 1st SOUTH STREET?

VANNIAR 1st SOUTH STREET falls under the Residential Class II Type - III land classification. This classification is important for understanding the zoning and usage regulations for properties in this area.