Guideline Value for VISAKA GARDEN STREET

Visaka Garden Street guideline value

The current guideline value of Visaka Garden Street is Rs 4,400 per sq.ft. This street is located in Saidapet village, under the Chennai South Joint I SRO, and is classified as Residential Class II Type - I.

How the guideline value of Visaka Garden Street has changed

The guideline value for Visaka Garden Street has undergone several revisions over the years. In 2002, the value was Rs 634 per sq.ft, which increased to Rs 730 per sq.ft in 2003, marking a 15% rise. The value then saw a significant increase to Rs 1,100 per sq.ft in 2007, reflecting a 51% change. Following this, the value jumped to Rs 4,000 per sq.ft in 2012, which was a substantial increase of 264%. However, between 2012 and 2017, the value decreased by 33%, settling at Rs 2,680 per sq.ft. The value then rose to Rs 4,000 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 4,400 per sq.ft, showing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 594%. The register has no figures for the years not mentioned in this summary.

Guideline values in Saidapet

In Saidapet, there are 52 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,250 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Visaka Garden Street's 2024 figure above that median.

• Vinayagar Koil Street: Rs 3,300 per sq.ft (2024)
• Vijayarangam Chetty Street: Rs 3,300 per sq.ft (2024)
• Vijayaragavalu Chetty Street: Rs 3,300 per sq.ft (2024)
• West Jones Road: Rs 8,250 per sq.ft (2024)
• West Mambalam Karunanithi Cross Street: Rs 2,750 per sq.ft (2024)
• Venugopal Chetty Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Visaka Garden Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. 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 Visaka Garden Street?

The Sub Registrar Office covering Visaka Garden 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 Saidapet

The guideline value is a critical factor in the registration of property transactions in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the buying or selling process.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both buyers and sellers are aware of the financial implications of their transactions. It is essential to consider the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Visaka Garden Street?

The current guideline value of Visaka Garden Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 634 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, which is an overall increase of 594% over the years.

What is the land classification for Visaka Garden Street?

Visaka Garden Street is classified as Residential Class II Type - I, indicating its designation for residential use within the area.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 44,00,000, the total fees would amount to Rs 3,96,000.

Which office handles registrations for Visaka Garden Street?

The Chennai South Joint I Sub Registrar Office is responsible for handling registrations for Visaka Garden Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.