Guideline Value for VILLAGE STREET

Village Street guideline value

The current guideline value of Village Street in Thiruvottiyur village, under the Thiruvottiyur SRO, is Rs 3,700 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Special Type - II.

How the guideline value of Village Street has changed

The guideline value for Village Street has undergone several revisions over the years. In the 2007 revision, the value was Rs 900 per sq.ft, which increased significantly to Rs 3,400 per sq.ft in 2012. However, it saw a decline to Rs 2,278 per sq.ft in the 2017 revision. The 2023 revision marked an increase to Rs 3,400 per sq.ft, and the most recent 2024 revision set the current value at Rs 3,700 per sq.ft.

In terms of percentage changes, the guideline value increased by 278% from 2007 to 2012, then decreased by 33% from 2012 to 2017. Following this, there was a substantial increase of 49% from 2017 to 2023, and a further rise of 9% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 311%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median value is Rs 3,300 per sq.ft, making Village Street's 2024 figure of Rs 3,700 per sq.ft above the median.

• Vinayagapuram: Rs 2,800 per sq.ft (2024)
• Vivekanandan Street: Rs 3,700 per sq.ft (2024)
• V.O.C. Nagar: Rs 1,900 per sq.ft (2024)
• Verkadalai Cheri: Rs 2,150 per sq.ft (2024)
• West Kulakkarai Street: Rs 3,700 per sq.ft (2024)
• West Mada Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Village Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,700 per sq.ft, the total guideline value amounts to Rs 37,00,000. The stamp duty at 7% would be Rs 2,59,000, and the registration fee at 2% would be Rs 74,000, totaling Rs 3,33,000. It is important to 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.

Which Sub Registrar Office covers Village Street?

The Sub Registrar Office that covers Village Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers and sellers should be aware that the duty is charged based on the higher value between the guideline and the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Village Street?

The current guideline value of Village Street is Rs 3,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 900 per sq.ft in 2007 to Rs 3,700 per sq.ft in 2024, marking an overall increase of 311% since then.

What is the land classification for Village Street?

The land classification for Village Street is Mixed Special Type - II, which categorizes the type of land use in the area.

What are the stamp duty and registration fees for properties in Village Street?

For a property valued at Rs 37,00,000, the stamp duty would be Rs 2,59,000 and the registration fee Rs 74,000, totaling Rs 3,33,000.

Which office handles the registration for Village Street?

The Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019, handles the registration for Village Street.