Guideline Value for VIKARAM NAGAR

Vikaram Nagar guideline value

The current guideline value of Vikaram Nagar is Rs 485 per sq.ft, effective from 1 July 2024. This area is located in Vichoor village and falls under the Thiruvottiyur SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Vikaram Nagar has changed

The guideline value for Vikaram Nagar has seen several revisions over the years. In 2007, the value was Rs 100 per sq.ft, which increased significantly to Rs 440 per sq.ft in 2012. However, it then dropped to Rs 295 per sq.ft in 2017. From 2017 to 2023, there was a substantial increase of 49%, bringing the guideline value to Rs 441 per sq.ft. The most recent revision in 2024 has raised it further to Rs 485 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 385%.

Guideline values in Vichoor

In Vichoor, there are 45 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 550 per sq.ft. The median value for these streets is Rs 485 per sq.ft, which is the same as the guideline value for Vikaram Nagar.

• Vijay Nagar: Rs 485 per sq.ft (2024)
• Vellankulam: Rs 485 per sq.ft (2024)
• Velavan Nagar: Rs 485 per sq.ft (2024)
• Subramani Nagar: Rs 485 per sq.ft (2024)
• Subathra Nagar: Rs 330 per sq.ft (2024)
• St. Thomas Nagar: Rs 485 per sq.ft (2024)

Stamp duty and registration fee for property in Vikaram Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 485 per sq.ft, the total guideline value would be Rs 4,85,000. The stamp duty at 7% would amount to Rs 33,950, while the registration fee at 2% would be Rs 9,700. Together, the total cost for these fees would be Rs 43,650. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vikaram Nagar?

The Sub Registrar Office that covers Vikaram Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for further assistance.

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

The guideline value is an essential factor during property registration in Vichoor. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements and to calculate the applicable stamp duty and registration fees.

When purchasing or selling property, the guideline value helps in establishing the fair transaction price. It is crucial for both parties to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vikaram Nagar?

The current guideline value of Vikaram Nagar is Rs 485 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 100 per sq.ft in 2007 to Rs 485 per sq.ft in 2024, reflecting a total increase of 385% over the years.

What are the stamp duty and registration fees for property in Vikaram Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 43,650.

Which office handles property registration in Vikaram Nagar?

The Thiruvottiyur Sub Registrar Office handles property registration in Vikaram Nagar, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the land classification for Vikaram Nagar?

The land classification for Vikaram Nagar is Residential Class I Type - I, which indicates its suitability for residential development.