Guideline Value for VIKRAM SARABAI INSTRONICS ESTATE

Vikram Sarabai Instronics Estate guideline value

The current guideline value of Vikram Sarabai Instronics Estate is Rs 12,650 per sq.ft, effective from 1 July 2024. This estate is located in Thiruvanmiyur village under the Chennai South Joint I SRO, and is classified as Residential Special Type - I.

How the guideline value of Vikram Sarabai Instronics Estate has changed

The guideline value for Vikram Sarabai Instronics Estate has undergone several revisions over the years. The earliest recorded figure is from 2003, where the value was Rs 1,337 per sq.ft. This increased to Rs 2,200 per sq.ft in 2007, marking a significant rise of 65%. In 2012, the value saw a substantial increase to Rs 11,500 per sq.ft, reflecting a growth of 423%. However, this figure dropped to Rs 7,705 per sq.ft in 2017, a decrease of 33%. The value then rose again to Rs 11,500 per sq.ft in 2023, followed by the current figure of Rs 12,650 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 846%. It is important to note that there is no recorded figure for the year 2002 for this street in the register.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft, with a median value of Rs 9,900 per sq.ft. The guideline value for Vikram Sarabai Instronics Estate is above this median.

• Watter Land Drive: Rs 11,000 per sq.ft (2024)
• West Kulakari Veethi: Rs 7,150 per sq.ft (2024)
• West Mada Veethi: Rs 7,150 per sq.ft (2024)
• West Tankview Street: Rs 7,150 per sq.ft (2024)
• Yamuna Street: Rs 11,000 per sq.ft (2024)
• Vembuli Amman Kovil Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Vikram Sarabai Instronics Estate

For a 1,000 sq.ft plot at the current guideline value of Rs 12,650 per sq.ft, the total guideline value amounts to Rs 1,26,50,000. The stamp duty at 7% would be Rs 8,85,500, and the registration fee at 2% would be Rs 2,53,000, bringing the total charges to Rs 11,38,500. 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vikram Sarabai Instronics Estate?

The Sub Registrar Office that covers Vikram Sarabai Instronics Estate 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. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Thiruvanmiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with the local regulations.

When a property is sold, the guideline value is utilized to calculate the applicable fees, which are based on either the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vikram Sarabai Instronics Estate?

The current guideline value of Vikram Sarabai Instronics Estate is Rs 12,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,337 per sq.ft in 2003 to Rs 12,650 per sq.ft in 2024, reflecting an overall increase of 846% over the years.

What is the land classification of Vikram Sarabai Instronics Estate?

Vikram Sarabai Instronics Estate is classified as Residential Special Type - I under the Chennai South Joint I SRO.

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

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate incurs total charges of Rs 11,38,500.

Which Sub Registrar Office covers this estate?

The Chennai South Joint I Sub Registrar Office covers Vikram Sarabai Instronics Estate, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.