Guideline Value for VIJAYA VIGNESHWARAR KOIL STREET

Vijaya Vigneshwarar Koil Street guideline value

The current guideline value of Vijaya Vigneshwarar Koil Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and falls under the Residential Class III Type - I land classification.

How the guideline value of Vijaya Vigneshwarar Koil Street has changed

The guideline value for Vijaya Vigneshwarar Koil Street has seen several revisions over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 1,100 per sq.ft. This figure increased significantly to Rs 5,000 per sq.ft in 2012, marking a substantial rise of 355%. However, it then decreased to Rs 3,350 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 5,000 per sq.ft in 2023, followed by the current rate of Rs 5,500 per sq.ft in 2024, reflecting a 10% increase.

There are no recorded figures for the years 2002 and 2003 for this street. The overall change from the 2007 revision to the 2024 revision is an increase of 400%, highlighting the fluctuations in the guideline value over the years.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value for these streets is Rs 5,500 per sq.ft, which aligns with the current figure for Vijaya Vigneshwarar Koil Street.

• Vijaya Vigneswara Koil Lane: Rs 5,500 per sq.ft (2024)
• Vinai Theertha Vinayagar Koil Street: Rs 5,500 per sq.ft (2024)
• Vichur Muthiah Mudali Street: Rs 5,500 per sq.ft (2024)
• Vethiyan Cheri: Rs 2,200 per sq.ft (2024)
• Vepery Church Road: Rs 7,000 per sq.ft (2024)
• Waddels Road: Rs 12,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vijaya Vigneshwarar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty, charged at 7%, would be Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000, bringing the total charges to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details on calculating these fees.

Which Sub Registrar Office covers Vijaya Vigneshwarar Koil Street?

The Sub Registrar Office that covers Vijaya Vigneshwarar Koil Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Vijaya Vigneshwarar Koil Street?

The current guideline value of Vijaya Vigneshwarar Koil Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 1,100 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 400% over the years.

What is the land classification for Vijaya Vigneshwarar Koil Street?

Vijaya Vigneshwarar Koil Street is classified as Residential Class III Type - I, indicating its use for residential purposes.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, for a 1,000 sq.ft plot, the total fees can amount to Rs 4,95,000.

Which office handles property registrations for this street?

The Purasaivakkam Sub Registrar Office handles property registrations for Vijaya Vigneshwarar Koil Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.