Guideline Value for VINAYAGARAM BAJANAI KOIL STREET

Vinayagaram Bajanai Koil Street guideline value

The current guideline value of Vinayagaram Bajanai 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 Vinayagaram Bajanai Koil Street has changed

The guideline value for Vinayagaram Bajanai Koil Street has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 76 per sq.ft. This value increased to Rs 89 per sq.ft in 2003, marking a 17% rise. The next significant change occurred in 2007, when the guideline value jumped to Rs 300 per sq.ft, reflecting a substantial increase of 237%. In 2012, the value was Rs 2,000 per sq.ft, which was a decrease of 33% from the previous revision.

From 2012, the guideline value rose again to Rs 1,340 per sq.ft in 2017, which was a 567% increase. The most recent revisions show that the value was Rs 2,000 per sq.ft in 2023, and it has now increased by 10% to Rs 2,200 per sq.ft in 2024. There are no figures available for revisions in years other than those mentioned.

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. The median value for these streets is Rs 2,200 per sq.ft, which is the same as the guideline value for Vinayagaram Bajanai Koil Street.

• Vinayagar Koil Street: Rs 2,200 per sq.ft (2024)
• Vinayaka Nagar: 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)
• Vimala Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayagaram Bajanai 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, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Vinayagaram Bajanai Koil Street?

The Sub Registrar Office that covers Vinayagaram Bajanai 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 more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable fees. If the sale price is higher than the guideline value, the stamp duty will be charged on the sale price instead. This ensures that the registration process is transparent and fair.

Frequently asked questions

What is the current guideline value of Vinayagaram Bajanai Koil Street?

The current guideline value of Vinayagaram Bajanai 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 increased from Rs 76 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing a significant overall increase of 2795% over the years.

What is the land classification for Vinayagaram Bajanai Koil Street?

The land classification for Vinayagaram Bajanai Koil Street is Residential Class I Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Vinayagaram Bajanai Koil Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Vinayagaram Bajanai Koil Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.