Guideline Value for VINAYAGA NAGAR 1ST CROSS STREET

Vinayaga Nagar 1st Cross Street guideline value

The current guideline value of Vinayaga Nagar 1st Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Special Type - III.

How the guideline value of Vinayaga Nagar 1st Cross Street has changed

In the 2012 revision, the guideline value was Rs 5,000 per sq.ft. This figure decreased to Rs 3,350 per sq.ft in the 2017 revision, marking a decline of 33%. The value then increased significantly to Rs 5,000 per sq.ft in the 2023 revision, followed by a further increase to Rs 5,500 per sq.ft in the 2024 revision, which represents a 10% rise from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, the guideline value saw a substantial increase of 49%. Overall, comparing the 2012 figure to the 2024 figure, there has been a 10% increase in the guideline value.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Vinayaga Nagar 1st Cross Street is above this median.

• Vinayaga Nagar: Rs 5,500 per sq.ft (2024)
• Vinayaga Nagar 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• Vinayaga Nagar 3rd Cross Street: Rs 5,500 per sq.ft (2024)
• Vinayaga Nagar 4th Cross Street: Rs 5,500 per sq.ft (2024)
• Vinayaga Avenue (Near P.T.C.Quarters): Rs 3,300 per sq.ft (2024)
• Vinayaga Avenue: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayaga Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total cost Rs 4,95,000. 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 Vinayaga Nagar 1st Cross Street?

The Sub Registrar Office covering Vinayaga Nagar 1st Cross Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for additional information.

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

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

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the actual sale price. This ensures that the transaction is recorded accurately and that the necessary taxes are collected by the authorities.

Frequently asked questions

What is the current guideline value of Vinayaga Nagar 1st Cross Street?

The current guideline value of Vinayaga Nagar 1st Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the 2012 value at Rs 5,000 per sq.ft, decreasing to Rs 3,350 per sq.ft in 2017, then increasing to Rs 5,000 per sq.ft in 2023, and finally reaching Rs 5,500 per sq.ft in 2024.

What is the land classification for Vinayaga Nagar 1st Cross Street?

Vinayaga Nagar 1st Cross Street is classified as Residential Special Type - III, indicating its suitability for residential development.

What are the stamp duty rates for properties in this area?

The stamp duty rate for properties in Vinayaga Nagar 1st Cross Street is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Vinayaga Nagar 1st Cross Street?

The Neelankarai Sub Registrar Office covers Vinayaga Nagar 1st Cross Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.