Guideline Value for VANNIAR 1st STREET

VANNIAR 1st STREET guideline value

The current guideline value of VANNIAR 1st 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 is classified as Residential Class II Type - III.

How the guideline value of VANNIAR 1st STREET has changed

The guideline value for VANNIAR 1st STREET has undergone several revisions over the years. In 2007, the guideline value was set at Rs 600 per sq.ft, which increased significantly to Rs 2,300 per sq.ft in 2012. This marked a substantial rise of 283%. The value remained unchanged at Rs 2,300 per sq.ft until the 2023 revision, when it increased to Rs 2,500 per sq.ft, reflecting a growth of 9%.

Overall, from the 2007 revision to the current 2024 guideline value, there has been an increase of 317%. Notably, there are no figures available for the years 2002, 2003, and 2017 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value is Rs 2,500 per sq.ft, which aligns with the current value of VANNIAR 1st STREET.

• VANNIAR 1st SOUTH 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 STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be 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, totaling Rs 2,25,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers VANNIAR 1st STREET?

The Sub Registrar Office that covers VANNIAR 1st STREET 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 details.

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

The guideline value is a critical factor in determining the stamp duty and registration fees when buying or selling property in Korattur. It serves as a benchmark for the minimum value at which property transactions are registered, ensuring transparency in the property market.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This process helps in standardizing property valuations and protecting the interests of both buyers and sellers.

Frequently asked questions

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

The current guideline value of VANNIAR 1st 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 600 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, marking an overall increase of 317% over the years.

What is the land classification for VANNIAR 1st STREET?

VANNIAR 1st STREET is classified as Residential Class II Type - III.

Where is the Villivakkam Sub Registrar Office located?

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

How is stamp duty calculated for properties in VANNIAR 1st STREET?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 at 7%.