Guideline Value for VINAYAGAR 2ND STREET

Vinayagar 2nd Street guideline value

The current guideline value of Vinayagar 2nd Street is Rs 6,300 per sq.ft, effective from 1 July 2024. This street is located in Vadaagaram village, under the Kodambakkam Sub Registrar Office (SRO). The land classification for this area is Residential Special Type - III.

How the guideline value of Vinayagar 2nd Street has changed

The guideline value for Vinayagar 2nd Street has seen several revisions over the years. In 2003, the value was Rs 539 per sq.ft, which increased significantly to Rs 1,750 per sq.ft by 2007. Following this, there was a dramatic rise to Rs 5,800 per sq.ft in 2012, but this value dropped to Rs 3,886 per sq.ft in 2017. The value then rose to Rs 5,800 per sq.ft in 2023, before reaching the current value of Rs 6,300 per sq.ft in 2024, marking a 9% increase from the previous year.

Between the revisions, the most notable changes include a 231% increase from 2007 to 2012 and a 49% increase from 2017 to 2023. Overall, from 2003 to 2024, the guideline value has increased by 1069%. The register does not contain figures for the year 2002 for this street.

Guideline values in Vadaagaram

In Vadaagaram, there are 78 streets under the Kodambakkam SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value in this village is Rs 6,600 per sq.ft, placing Vinayagar 2nd Street's 2024 figure below that median.

• Vinayagar 1st Street: Rs 6,000 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,300 per sq.ft, the total guideline value would be Rs 63,00,000. The stamp duty at 7% would amount to Rs 4,41,000, and the registration fee at 2% would be Rs 1,26,000, bringing the total cost for these fees to Rs 5,67,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vinayagar 2nd Street?

The Sub Registrar Office that covers Vinayagar 2nd 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vadaagaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Vinayagar 2nd Street?

The current guideline value of Vinayagar 2nd Street is Rs 6,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 539 per sq.ft in 2003 to Rs 6,300 per sq.ft in 2024, marking an overall increase of 1069% over this period.

What is the land classification for Vinayagar 2nd Street?

Vinayagar 2nd Street is classified as Residential Special Type - III, indicating its intended use for residential purposes.

Where can I find the Kodambakkam Sub Registrar Office?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 63,00,000, the stamp duty would be Rs 4,41,000 and the registration fee would be Rs 1,26,000.