Guideline Value for VINAYAGAM KOIL STREET

Vinayagam Koil Street guideline value

The current guideline value of Vinayagam Koil Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Vinayagam Koil Street has changed

The guideline value for Vinayagam Koil Street has seen several revisions over the years. In 2002, the guideline value was Rs 489 per sq.ft. This increased to Rs 631 per sq.ft in 2003, marking a 29% change. By 2007, the value rose significantly to Rs 1,100 per sq.ft, which is a 74% increase from the previous revision. The 2012 revision saw the value remain at Rs 4,000 per sq.ft, indicating no figure was recorded for this street in that year. However, in 2017, the guideline value dropped to Rs 2,680 per sq.ft, reflecting a decrease of 33%. The value then increased to Rs 4,000 per sq.ft in 2023, before reaching the current figure of Rs 4,400 per sq.ft in 2024, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 800%. The revisions have shown a varied pattern, with some years reflecting increases and others showing decreases, but the current value is at its highest point since the register began.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is equal to the current value of Vinayagam Koil Street.

• Vinayagam Pettai Street: Rs 6,050 per sq.ft (2024)
• Vgp Salai Ist Street: Rs 4,950 per sq.ft (2024)
• Vgp Salai Iind Street: Rs 4,950 per sq.ft (2024)
• Vgp Salai Iiird Street: Rs 4,950 per sq.ft (2024)
• V.O.C. Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• V.O.C. Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayagam Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost would be Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vinayagam Koil Street?

The Sub Registrar Office that covers Vinayagam Koil Street is the Chennai South Joint II 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saidapet. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented accurately according to government standards.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vinayagam Koil Street?

The current guideline value of Vinayagam Koil Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 489 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 800% over the years.

What are the other streets in Saidapet with their guideline values?

Other streets in Saidapet include Vinayagam Pettai Street at Rs 6,050 per sq.ft, Vgp Salai Ist, Iind, and Iiird Streets at Rs 4,950 per sq.ft, and V.O.C. Nagar 1st and 2nd Streets at Rs 3,300 per sq.ft.

What is the stamp duty rate for properties in Vinayagam Koil Street?

The stamp duty rate for properties in Vinayagam Koil Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Chennai South Joint II Sub Registrar Office located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.