Guideline Value for VIGNESHWARA COLONY

Vigneshwara Colony guideline value

The current guideline value of Vigneshwara Colony, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Vigneshwara Colony has changed

The guideline value for Vigneshwara Colony has undergone several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then dropped to Rs 2,010 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,000 per sq.ft, and the most recent 2024 revision has raised it to Rs 3,300 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, there was a significant increase of 49%, while from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%, culminating in the current rate of Rs 3,300 per sq.ft.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is the same as the current value for Vigneshwara Colony.

• Vinayaga Avenue: Rs 6,600 per sq.ft (2024)
• Vinayaga Avenue (Near P.T.C.Quarters): Rs 3,300 per sq.ft (2024)
• Vinayaga Nagar: Rs 5,500 per sq.ft (2024)
• Vinayaga Nagar 1st Cross Street: Rs 5,500 per sq.ft (2024)
• Vinayaga Nagar 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• Vinayaga Nagar 3rd Cross Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Vigneshwara Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. 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 Vigneshwara Colony?

The Sub Registrar Office that covers Vigneshwara Colony is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor during property transactions in Okkiyamthuraipakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the sale price or the guideline value, whichever is higher, is considered for calculating the stamp duty. This ensures that the transaction is registered at a value that reflects the current market conditions as per the guideline value.

Frequently asked questions

What is the current guideline value for Vigneshwara Colony?

The current guideline value for Vigneshwara Colony is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Vigneshwara Colony?

Vigneshwara Colony is classified as Residential Class II Type - I, which indicates its designated use for residential purposes.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Vigneshwara Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.