Guideline Value for VIJAYALAKSHMI AVENUE 2ND STREET

Vijayalakshmi Avenue 2nd Street guideline value

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

How the guideline value of Vijayalakshmi Avenue 2nd Street has changed

The guideline value for Vijayalakshmi Avenue 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has further increased the value to Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. 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 value for these streets is Rs 1,650 per sq.ft, placing Vijayalakshmi Avenue 2nd Street above this median.

• Vijayalakshmi Avenue 1st Street: Rs 2,200 per sq.ft (2024)
• Vijayalakshmi Avenue / Nagar: 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 2nd 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, charged at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 fees applicable to your property transaction.

Which Sub Registrar Office covers Vijayalakshmi Avenue 2nd Street?

The Vijayalakshmi Avenue 2nd Street falls under 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 serves as a benchmark for property transactions in Kolathuvancheri. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the registration process.

It is essential for buyers and sellers to be aware of the guideline value, as it affects the overall cost of the transaction. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and legality in property dealings.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Avenue 2nd Street?

The current guideline value of Vijayalakshmi Avenue 2nd 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 changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Vijayalakshmi Avenue 2nd Street?

Vijayalakshmi Avenue 2nd Street is classified as Residential Class I Type - I.

Where can I find the registration office for this street?

The registration office for Vijayalakshmi Avenue 2nd 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.

How is the stamp duty calculated for properties in Kolathuvancheri?

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