Guideline Value for VINAYAGAR KOIL STREET

Vinayagar Koil Street guideline value

The current guideline value of Vinayagar Koil Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Vinayagar Koil Street has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. Following this, the value increased significantly to Rs 2,000 per sq.ft in the 2023 revision, and then to Rs 2,200 per sq.ft in the 2024 revision, representing a 10% increase from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

The register has no figures for the years 2002, 2003, and 2007 for this street. Therefore, the changes between those years are not available.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Vinayagar Koil Street is equal to this median.

• Vinayagaram Bajanai Koil Street: Rs 2,200 per sq.ft (2024)
• Vinayaka Nagar: Rs 2,200 per sq.ft (2024)
• Vinoth Street: Rs 2,200 per sq.ft (2024)
• Vinai Thertha Velavan Street: Rs 2,200 per sq.ft (2024)
• Vimala Nagar / All Street /1st Cross Street: Rs 2,750 per sq.ft (2024)
• Vimala Nagar 4th Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayagar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for these charges would be Rs 1,98,000. It is important to note that 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 Vinayagar Koil Street?

The Sub Registrar Office that covers Vinayagar Koil Street is the Chennai South Joint I 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 further assistance.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that these charges are based on a standardized valuation.

When a property is sold, the guideline value helps in assessing the minimum value on which the stamp duty is calculated. This ensures that both buyers and sellers are aware of the official valuation of the property, which is essential for legal and financial transactions.

Frequently asked questions

What is the current guideline value of Vinayagar Koil Street?

The current guideline value of Vinayagar Koil Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions: from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then up to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the median guideline value in Medavakkam?

The median guideline value in Medavakkam is Rs 2,200 per sq.ft, which is the same as the current guideline value for Vinayagar Koil Street.

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

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, making a total of Rs 1,98,000.

Which office handles registrations for Vinayagar Koil Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Vinayagar Koil Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.