Guideline Value for VINOTH STREET

Vinoth Street guideline value

The current guideline value of Vinoth Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Residential Class I Type - I.

How the guideline value of Vinoth Street has changed

The guideline value for Vinoth Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 2,000 per sq.ft in the 2023 revision, and further rose to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a 10% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

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 matches the guideline value of Vinoth Street.

• Vinayaka Nagar: Rs 2,200 per sq.ft (2024)
• Vishnu Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Vinayagar Koil Street: Rs 2,200 per sq.ft (2024)
• Vinayagaram Bajanai Koil 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)

Stamp duty and registration fee for property in Vinoth Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, which totals Rs 1,54,000, and the registration fee is charged at 2%, amounting to Rs 44,000. Together, these fees total 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 more detailed calculations.

Which Sub Registrar Office covers Vinoth Street?

The Sub Registrar Office that covers Vinoth 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 determining the stamp duty and registration fees when buying or selling property in Medavakkam. It serves as a benchmark for the minimum value at which the property can be registered, ensuring compliance with legal requirements.

When a property transaction occurs, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vinoth Street?

The current guideline value of Vinoth 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 changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Vinoth Street?

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

Where can I find the Sub Registrar Office for Vinoth Street?

The Sub Registrar Office for Vinoth 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.

What are the other streets in Medavakkam with the same guideline value?

Other streets in Medavakkam with a guideline value of Rs 2,200 per sq.ft include Vinayaka Nagar, Vishnu Nagar 1st Main Road, Vinayagar Koil Street, Vinayagaram Bajanai Koil Street, and Vinai Thertha Velavan Street.