Guideline Value for VINAYAGA NAGAR

Vinayaga Nagar guideline value

The current guideline value of Vinayaga Nagar, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

How the guideline value of Vinayaga Nagar has changed

Over the years, the guideline value of Vinayaga Nagar has seen several revisions. The 2012 revision set the value at Rs 5,000 per sq.ft, which was then reduced to Rs 3,350 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 5,000 per sq.ft, and the latest 2024 revision raised it further to Rs 5,500 per sq.ft, marking a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From the 2012 revision to the 2017 revision, there was a decrease of 33%, but from 2017 to 2023, the value increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, making Vinayaga Nagar's 2024 figure of Rs 5,500 per sq.ft above the median.

• Vinayaga Nagar 1st Cross Street: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vinayaga Nagar?

Vinayaga Nagar falls under the jurisdiction of 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 more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented accurately and fairly.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Vinayaga Nagar?

The current guideline value of Vinayaga Nagar 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 changed from Rs 5,000 per sq.ft in 2023 to Rs 5,500 per sq.ft in 2024. It was Rs 3,350 per sq.ft in 2017 and Rs 5,000 per sq.ft in 2012.

What is the land classification for Vinayaga Nagar?

Vinayaga Nagar is classified as Residential Special Type - III, which indicates the type of development allowed in the area.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Vinayaga Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at 7%.