Guideline Value for VIJAYALAKSHMI AVENUE / NAGAR

Vijayalakshmi Avenue / Nagar guideline value

The current guideline value of Vijayalakshmi Avenue / Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Kolathuvancheri village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Vijayalakshmi Avenue / Nagar has changed

The guideline value for Vijayalakshmi Avenue / Nagar has seen several revisions over the years. In 2012, the value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. However, the value rose significantly to Rs 2,000 per sq.ft in 2023, and most recently, it increased to Rs 2,200 per sq.ft in 2024.

Between the revisions, there have been notable changes. From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 660 to Rs 4,600 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, positioning Vijayalakshmi Avenue / Nagar above this median.

• Vijayalakshmi Avenue 2nd Street: Rs 2,200 per sq.ft (2024)
• Vijayalakshmi Avenue 1st Street: Rs 2,200 per sq.ft (2024)
• V.G.N. Manai Pirivu: Rs 1,650 per sq.ft (2024)
• Visuvasa Nagar: Rs 990 per sq.ft (2024)
• Venkateswar Avenue: Rs 1,650 per sq.ft (2024)
• V.O.C Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi Avenue / Nagar

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 together to Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details on the fees applicable to your property transaction.

Which Sub Registrar Office covers Vijayalakshmi Avenue / Nagar?

The Vijayalakshmi Avenue / Nagar area is covered by 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 information.

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

The guideline value is a crucial factor during the registration of property transactions in Kolathuvancheri. It serves as the minimum value for which property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in determining the applicable fees. Buyers should be aware that the registration fees and stamp duty are calculated based on the guideline value or the sale price, whichever is higher, ensuring transparency in property transactions.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Avenue / Nagar?

The current guideline value of Vijayalakshmi Avenue / Nagar 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 changed several times, starting from Rs 2,000 per sq.ft in 2012, decreasing to Rs 1,340 per sq.ft in 2017, and then rising to Rs 2,000 per sq.ft in 2023, before reaching Rs 2,200 per sq.ft in 2024.

What are the other streets in Kolathuvancheri with their guideline values?

Other streets in Kolathuvancheri have varying guideline values, with Vijayalakshmi Avenue 1st and 2nd Streets both at Rs 2,200 per sq.ft, while V.G.N. Manai Pirivu and Venkateswar Avenue are at Rs 1,650 per sq.ft. Visuvasa Nagar is at Rs 990 per sq.ft, and V.O.C Street is at Rs 1,320 per sq.ft.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions is 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where can I find the Sub Registrar Office for Vijayalakshmi Avenue / Nagar?

The Sub Registrar Office covering Vijayalakshmi Avenue / Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find more information by visiting the relevant links.