Guideline Value for VINAYAGAM PETTAI STREET

Vinayagam Pettai Street guideline value

The current guideline value of Vinayagam Pettai Street is Rs 6,050 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village under the Chennai South Joint II SRO, classified as Residential Class I Type - I.

How the guideline value of Vinayagam Pettai Street has changed

The guideline value for Vinayagam Pettai Street has seen several revisions over the years. In 2002, the guideline value was Rs 844 per sq.ft. It increased to Rs 1,057 per sq.ft in 2003, marking a 25% rise. The value then rose significantly to Rs 1,600 per sq.ft in 2007, reflecting a 51% increase. By 2012, the value was revised to Rs 5,500 per sq.ft, which was a substantial increase of 244% from the previous revision. However, it decreased by 33% to Rs 3,685 per sq.ft in 2017.

From 2017 to 2023, the guideline value increased by 49% to reach Rs 5,500 per sq.ft. The latest revision in 2024 has set the guideline value at Rs 6,050 per sq.ft, which is a 10% increase from the previous year. There are no figures available for the revisions in years not mentioned in the register.

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, with a median value of Rs 4,400 per sq.ft. Vinayagam Pettai Street's current guideline value is above this median.

• Vinayagam Koil Street: Rs 4,400 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 Pettai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,050 per sq.ft, the total guideline value would be Rs 60,50,000. The stamp duty at 7% would be Rs 4,23,500, and the registration fee at 2% would be Rs 1,21,000, making the total fees Rs 5,44,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vinayagam Pettai Street?

The Sub Registrar Office that covers Vinayagam Pettai 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 information.

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

The guideline value is a crucial factor in property transactions in Saidapet. It is used to determine the stamp duty and registration fees payable during the registration of property transactions. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Vinayagam Pettai Street?

The current guideline value of Vinayagam Pettai Street is Rs 6,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 844 per sq.ft in 2002 to Rs 6,050 per sq.ft in 2024, reflecting an overall increase of 617% over this period.

What is the classification of Vinayagam Pettai Street?

Vinayagam Pettai Street is classified as Residential Class I Type - I under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 60,50,000, the stamp duty would be Rs 4,23,500 and the registration fee would be Rs 1,21,000, totaling Rs 5,44,500.

Which office handles registration for Vinayagam Pettai Street?

The Chennai South Joint II Sub Registrar Office handles registration for Vinayagam Pettai Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.