Guideline Value for VINAYAGAM STREET

Vinayagam Street guideline value

The current guideline value of Vinayagam Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - III.

How the guideline value of Vinayagam Street has changed

The guideline value for Vinayagam Street has seen significant changes over the years. In 2002, the guideline value was Rs 1,131 per sq.ft, which increased to Rs 1,257 per sq.ft in 2003, marking an increase of 11%. By 2007, the value rose sharply to Rs 1,540 per sq.ft, representing a 23% increase from the previous revision. The value remained unchanged at Rs 6,500 per sq.ft from 2012 until 2023.

The most recent revision in 2024 brought the guideline value to Rs 7,100 per sq.ft, reflecting a 9% increase from the 2023 figure of Rs 6,500 per sq.ft. Overall, from 2002 to 2024, the guideline value has increased by 528%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Vinayagam Street's 2024 figure below that median.

• Vinayagam Nagar: Rs 7,700 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, while the registration fee at 2% would be Rs 1,42,000, bringing the total fees to Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vinayagam Street?

The Sub Registrar Office that covers Vinayagam Street 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 additional information.

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

The guideline value is a crucial factor when registering a property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value can influence the sale price, as it is used to calculate the applicable taxes and fees. This means that understanding the guideline value is essential for both buyers and sellers to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vinayagam Street?

The current guideline value of Vinayagam Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,131 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, marking an overall increase of 528%.

What are the stamp duty and registration fees for properties in Vinayagam Street?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would be Rs 6,39,000.

Which Sub Registrar Office covers Vinayagam Street?

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

Are there other streets with different guideline values in Mylapore?

Yes, there are several other streets in Mylapore with varying guideline values, ranging from Rs 3,300 to Rs 25,800 per sq.ft, with the median being Rs 8,800 per sq.ft.