Guideline Value for VINAYAGAR 1ST STREET

Vinayagar 1st Street guideline value

The current guideline value of Vinayagar 1st Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Vadaagaram village, under the Kodambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Vinayagar 1st Street has changed

The guideline value for Vinayagar 1st Street has undergone several revisions since 2003. The 2003 revision recorded a value of Rs 539 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2007. Following this, the value jumped to Rs 5,500 per sq.ft in 2012, but then decreased to Rs 3,685 per sq.ft in 2017. The most recent revisions show a notable increase, with the value rising to Rs 5,500 per sq.ft in 2023 and then reaching Rs 6,000 per sq.ft in 2024, marking a 9% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1013%. The register has no figure for the year 2002 for this street.

Guideline values in Vadaagaram

In Vadaagaram, there are 78 streets under the Kodambakkam SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft, with a median value of Rs 6,600 per sq.ft. The guideline value of Vinayagar 1st Street is below this median.

• Vinayagar 2nd Street: Rs 6,300 per sq.ft (2024)
• V.O.C.Colony 1st Street: Rs 7,100 per sq.ft (2024)
• V.O.C.Colony 2nd Street: Rs 7,100 per sq.ft (2024)
• V.O.C.Colony 3rd Street: Rs 7,100 per sq.ft (2024)
• Vada Agaram Street: Rs 6,600 per sq.ft (2024)
• Vada Agaram Road: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, making the total fees together Rs 5,40,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vinayagar 1st Street?

The Sub Registrar Office that covers Vinayagar 1st Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Vadaagaram. It determines the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value as it impacts the overall transaction costs. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Vinayagar 1st Street?

The current guideline value of Vinayagar 1st Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 539 per sq.ft in 2003, rising to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 1013% since 2003.

What are the stamp duty and registration fees for properties in Vinayagar 1st Street?

For a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000 and the registration fee would be Rs 1,20,000, totaling Rs 5,40,000.

Which Sub Registrar Office covers Vinayagar 1st Street?

The Kodambakkam Sub Registrar Office covers Vinayagar 1st Street, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

What is the land classification of Vinayagar 1st Street?

Vinayagar 1st Street is classified as Residential Class I Type - I, indicating its suitability for residential development.