Guideline Value for VINAYAGAM NAGAR

Vinayagam Nagar guideline value

The current guideline value of Vinayagam Nagar is Rs 7,700 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the jurisdiction of the Mylapore SRO. The land classification for this street is Residential Class IV Type - II.

How the guideline value of Vinayagam Nagar has changed

The guideline value of Vinayagam Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 7,000 per sq.ft, which was then reduced to Rs 4,690 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 7,000 per sq.ft, and the most recent 2024 revision has further raised it to Rs 7,700 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

In terms of percentage changes, the value increased by 49% from 2017 to 2023, followed by a 10% increase from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Vinayagam Nagar's 2024 figure below the median.

• Vinayagam Street: Rs 7,100 per sq.ft (2024)
• Virupakshavarar Koil Street: Rs 7,100 per sq.ft (2024)
• Visalakshi Thottam: Rs 7,100 per sq.ft (2024)
• Viswalinga Garden 1st Street: Rs 8,800 per sq.ft (2024)
• Viswalinga Garden 2nd Street: Rs 8,800 per sq.ft (2024)
• Viswalinga Garden 3rd Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayagam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, resulting in a total of Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vinayagam Nagar?

The Sub Registrar Office that covers Vinayagam Nagar is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be sold or registered. When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the guideline value ensures that the property is valued fairly and transparently, protecting both buyers and sellers. It is essential for all parties involved to be aware of the current guideline values to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Vinayagam Nagar?

The current guideline value of Vinayagam Nagar is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 7,000 per sq.ft in 2012 to Rs 4,690 per sq.ft in 2017, then back to Rs 7,000 per sq.ft in 2023, and finally to Rs 7,700 per sq.ft in 2024.

What is the land classification for Vinayagam Nagar?

Vinayagam Nagar is classified as Residential Class IV Type - II.

What are the stamp duty rates for properties in Vinayagam Nagar?

The stamp duty for properties in Vinayagam Nagar is set at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Vinayagam Nagar?

The Mylapore Sub Registrar Office, which covers Vinayagam Nagar, is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.