Guideline Value for VISALAKSHI STREET

Visalakshi Street guideline value

The current guideline value of Visalakshi Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village under the Kodambakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Visalakshi Street has changed

The guideline value for Visalakshi Street has seen several revisions over the years. The 2007 revision recorded a value of Rs 950 per sq.ft, which increased significantly to Rs 4,600 per sq.ft in the 2012 revision, marking a change of +384%. However, the value dropped to Rs 3,082 per sq.ft in the 2017 revision, a decrease of -33%. The 2023 revision saw a substantial increase to Rs 4,600 per sq.ft, followed by the current 2024 revision, which raised it to Rs 5,000 per sq.ft, representing a +9% change.

There are no figures available for Visalakshi Street in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by +426%.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value is Rs 6,000 per sq.ft, placing Visalakshi Street's 2024 guideline value below this median.

• Vinayagapuram Main Road: Rs 7,700 per sq.ft (2024)
• Vinayagapuram Ist Street: Rs 5,500 per sq.ft (2024)
• Vivekanandar Street: Rs 6,000 per sq.ft (2024)
• Water Tank Road Cross Street: Rs 7,500 per sq.ft (2024)
• West College Road: Rs 6,000 per sq.ft (2024)
• West Kamarajar Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Visalakshi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total to Rs 4,50,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further details.

Which Sub Registrar Office covers Visalakshi Street?

The Sub Registrar Office that covers Visalakshi Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Arumbakkam, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for legal ownership transfer.

It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations. This value is periodically revised to reflect changes in the real estate market, ensuring that property transactions are conducted fairly and transparently.

Frequently asked questions

What is the current guideline value of Visalakshi Street?

The current guideline value of Visalakshi Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 950 per sq.ft in 2007 to Rs 5,000 per sq.ft in 2024, marking an overall increase of +426%.

What are the other streets in Arumbakkam with their guideline values?

Other streets in Arumbakkam include Vinayagapuram Main Road at Rs 7,700 per sq.ft, Vinayagapuram Ist Street at Rs 5,500 per sq.ft, and Vivekanandar Street at Rs 6,000 per sq.ft, among others.

What is the stamp duty and registration fee for properties on Visalakshi Street?

The stamp duty for a property valued at Rs 50,00,000 is Rs 3,50,000, and the registration fee is Rs 1,00,000, totaling Rs 4,50,000.

Which office handles the registration for Visalakshi Street?

The Kodambakkam Sub Registrar Office handles the registration for Visalakshi Street, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.