Guideline Value for VANNIYAR STREET

Vanniyar Street guideline value

The current guideline value of Vanniyar Street in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Vanniyar Street has changed

The guideline value for Vanniyar Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 2,000 per sq.ft. This figure decreased by 33% to Rs 1,340 per sq.ft in the 2017 revision. However, the 2023 revision saw a significant increase to Rs 2,000 per sq.ft, followed by a further increase of 10% in the 2024 revision, bringing the current value to Rs 2,200 per sq.ft.

It is important to note that there are no figures available for the revisions in the years 2002, 2003, and 2007 for Vanniyar Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the 2024 guideline value for Vanniyar Street.

• Vanchinathan Street: Rs 2,200 per sq.ft (2024)
• Valliammai Street: Rs 2,200 per sq.ft (2024)
• Vaishnavi Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Vaishnavi Nagar: Rs 2,200 per sq.ft (2024)
• Vadakkupattu Thiruvalluvar Street: Rs 2,750 per sq.ft (2024)
• Vadakkupattu Thiruvalluvar 2nd Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vanniyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vanniyar Street?

The Sub Registrar Office that covers Vanniyar 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. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process of property transactions in Medavakkam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Vanniyar Street?

The current guideline value of Vanniyar Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 2,000 per sq.ft in 2012, decreasing to Rs 1,340 per sq.ft in 2017, and then increasing to Rs 2,000 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 2,200 per sq.ft.

What is the land classification of Vanniyar Street?

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

How is stamp duty calculated for properties in Vanniyar Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.

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

The Sub Registrar Office for Vanniyar Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find more information online.