Guideline Value for VISALAKSHI NAGAR

Visalakshi Nagar guideline value

The current guideline value of Visalakshi Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This locality is situated in Vengaivasal village, under the Selaiyur SRO, and is classified as Mixed Type - II land.

How the guideline value of Visalakshi Nagar has changed

The guideline value of Visalakshi Nagar has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 2,500 per sq.ft. This figure saw a significant decrease in the 2017 revision, dropping to Rs 1,675 per sq.ft, which was a decline of 33%. The value then increased to Rs 2,500 per sq.ft in the 2023 revision, and further rose to the current value of Rs 2,700 per sq.ft in the 2024 revision, marking an 8% increase from the previous year. Notably, the register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, the guideline value increased by 49%, bringing it back to Rs 2,500 per sq.ft. Overall, from 2012 to 2024, the guideline value has increased by 8%, culminating in the current rate of Rs 2,700 per sq.ft.

Guideline values in Vengaivasal

In Vengaivasal, there are 117 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which aligns with the current guideline value of Visalakshi Nagar.

• Vishvanathanagar: Rs 2,700 per sq.ft (2024)
• Vishwanathapuram: Rs 2,700 per sq.ft (2024)
• Viswanathanpuram: Rs 2,700 per sq.ft (2024)
• Vinayaga Nagar Part-I: Rs 2,750 per sq.ft (2024)
• V.S. Naidu Nagar: Rs 2,200 per sq.ft (2024)
• Yafa Springs: Rs 3,700 per sq.ft (2024)

Stamp duty and registration fee for property in Visalakshi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Visalakshi Nagar?

The Sub Registrar Office that covers Visalakshi Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Vengaivasal. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used by the registration authorities to calculate the stamp duty and registration fees applicable to the property sale.

When buying or selling property, it is essential to be aware of the guideline value as it impacts the financial obligations involved in the transaction. Buyers should ensure that the sale price is either equal to or greater than the guideline value to avoid any issues during registration.

Frequently asked questions

What is the current guideline value of Visalakshi Nagar?

The current guideline value of Visalakshi Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What are the other streets in Vengaivasal with similar guideline values?

Other streets in Vengaivasal with a guideline value of Rs 2,700 per sq.ft include Vishvanathanagar, Vishwanathapuram, and Viswanathanpuram.

What are the stamp duty and registration fees for property in Visalakshi Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property worth Rs 27,00,000, the total fees would be Rs 2,43,000.

Where can I find the Sub Registrar Office for Visalakshi Nagar?

The Selaiyur Sub Registrar Office covers Visalakshi Nagar, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.