Guideline Value for VASANTHAM COLONY

Vasantham Colony guideline value

The current guideline value for Vasantham Colony, located in Ernavur village under the Thiruvottiyur SRO, is Rs 1,400 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - III land classification.

How the guideline value of Vasantham Colony has changed

The guideline value for Vasantham Colony has seen several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 350 per sq.ft. This value increased significantly to Rs 1,300 per sq.ft in 2012, marking a rise of 271%. However, it then decreased to Rs 871 per sq.ft in 2017, a reduction of 33%. The value continued to rise to Rs 1,300 per sq.ft in 2023, and finally reached Rs 1,400 per sq.ft in 2024, reflecting an increase of 8% from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 300%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Ernavur

Within Ernavur, there are 82 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 7,300 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, indicating that Vasantham Colony's 2024 figure is below this median.

• Varadharaja Perumal Nagar: Rs 3,300 per sq.ft (2024)
• Valluvar Nagar: Rs 1,400 per sq.ft (2024)
• V.G.N Paradise: Rs 5,800 per sq.ft (2024)
• Thiruvotthiyur High Road: Rs 3,800 per sq.ft (2024)
• Thiruveethiyamman Koil Street: Rs 1,400 per sq.ft (2024)
• Thiruvalluvar Nagar/Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vasantham Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,400 per sq.ft, the total guideline value amounts to Rs 14,00,000. The stamp duty, charged at 7%, would be Rs 98,000, and the registration fee at 2% would be Rs 28,000, bringing the total cost to Rs 1,26,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vasantham Colony?

The Sub Registrar Office that covers Vasantham Colony is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Ernavur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is referenced to calculate the applicable charges. Buyers should be aware that the final registration costs may be based on either the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value for Vasantham Colony?

The current guideline value for Vasantham Colony is Rs 1,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 350 per sq.ft in 2007 to Rs 1,400 per sq.ft in 2024, reflecting an overall increase of 300% over the years.

What is the land classification for Vasantham Colony?

Vasantham Colony falls under the Residential Class I Type - III land classification.

Where can I find the registration office for Vasantham Colony?

The registration office for Vasantham Colony is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in Vasantham Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 98,000.