Guideline Value for VANNIAR STREET

Vanniar Street guideline value

The current guideline value of Vanniar Street is Rs 3,400 per sq.ft, effective from 1 July 2024. This street is located in Padi village under the Villivakkam SRO and is classified as Residential Class IV Type - II.

How the guideline value of Vanniar Street has changed

The guideline value for Vanniar Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 416 per sq.ft. It increased to Rs 470 per sq.ft in 2003, followed by a rise to Rs 530 per sq.ft in 2007. The 2012 revision saw a significant jump to Rs 3,100 per sq.ft, but this was followed by a decrease to Rs 2,077 per sq.ft in 2017. The value then rose to Rs 3,100 per sq.ft in 2023, and finally reached Rs 3,400 per sq.ft in the 2024 revision.

In terms of percentage changes, the guideline value increased by 13% from 2002 to 2003, and by 13% again from 2003 to 2007. The 2007 to 2012 period saw a massive increase of 485%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally by 10% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 717%.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft, with a median value of Rs 3,800 per sq.ft. Vanniar Street's 2024 guideline value is below this median.

• Vandiamman Koil Street: Rs 3,400 per sq.ft (2024)
• Vallalar Street (Kovil Land): Rs 3,400 per sq.ft (2024)
• U.R.Nagar / Streets: Rs 6,600 per sq.ft (2024)
• U.R.Nagar 'rukmani Street': Rs 6,600 per sq.ft (2024)
• U.R. Nagar (Facing Park Road): Rs 9,700 per sq.ft (2024)
• U.R.Nagar Extension: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vanniar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,400 per sq.ft, the total guideline value would be Rs 34,00,000. The stamp duty at 7% would amount to Rs 2,38,000, and the registration fee at 2% would be Rs 68,000, bringing the total to Rs 3,06,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vanniar Street?

The Sub Registrar Office that covers Vanniar 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 information.

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

The guideline value is a crucial factor when registering property transactions in Padi. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a property is sold or bought, the guideline value is assessed to ensure that the transaction is recorded accurately. This ensures transparency and compliance with local regulations, as the fees are calculated based on the higher of the guideline value or the actual sale price.

Frequently asked questions

What is the current guideline value of Vanniar Street?

The current guideline value of Vanniar Street is Rs 3,400 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 416 per sq.ft in 2002 to Rs 3,400 per sq.ft in 2024, reflecting an overall increase of 717%.

What are the other streets in Padi with similar guideline values?

Other streets in Padi with a guideline value of Rs 3,400 per sq.ft in 2024 include Vandiamman Koil Street and Vallalar Street (Kovil Land).

How is stamp duty calculated for properties in Vanniar Street?

Stamp duty for properties in Vanniar Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a plot valued at Rs 34,00,000 would incur a stamp duty of Rs 2,38,000.

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

The Villivakkam Sub Registrar Office covers Vanniar Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.