Guideline Value for VISALAKSHI THOTTAM

Visalakshi Thottam guideline value

The current guideline value of Visalakshi Thottam is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, with a land classification of Residential Class IV Type - III.

How the guideline value of Visalakshi Thottam has changed

The guideline value for Visalakshi Thottam has undergone several revisions over the years. Starting from Rs 1,044 per sq.ft in 2002, the value increased to Rs 1,160 in 2003, followed by a modest rise to Rs 1,200 in 2007. The value then saw a significant jump to Rs 6,500 in 2012, but it dropped back to Rs 4,355 in 2017. The most recent revisions show an increase to Rs 6,500 in 2023 and a further rise to Rs 7,100 in 2024.

In terms of percentage changes, the guideline value increased by 11% from 2002 to 2003, and by 3% from 2003 to 2007. The value then surged by 442% from 2007 to 2012. However, it decreased by 33% from 2012 to 2017. The value saw a substantial increase of 49% from 2017 to 2023, and finally, a 9% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 580%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Visalakshi Thottam's 2024 figure below the median.

• Virupakshavarar Koil Street: Rs 7,100 per sq.ft (2024)
• Viswalinga Garden 1st Street: Rs 8,800 per sq.ft (2024)
• Viswalinga Garden 2nd Street: Rs 8,800 per sq.ft (2024)
• Viswalinga Garden 3rd Street: Rs 8,800 per sq.ft (2024)
• Viswanathan Street: Rs 6,000 per sq.ft (2024)
• Viswaswarapuram: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Visalakshi Thottam

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, making the total cost for these fees Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Visalakshi Thottam?

The Sub Registrar Office that covers Visalakshi Thottam is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transaction.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, and it is essential for both parties to be aware of the guideline value before proceeding with the sale.

Frequently asked questions

What is the current guideline value of Visalakshi Thottam?

The current guideline value of Visalakshi Thottam is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 1,044 in 2002 to Rs 7,100 in 2024, marking an overall increase of 580% over this period.

What is the land classification of Visalakshi Thottam?

Visalakshi Thottam is classified as Residential Class IV Type - III, indicating its designation for residential use under the local regulations.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is stamp duty calculated for property in Visalakshi Thottam?

Stamp duty for property in Visalakshi Thottam is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 71,00,000, the stamp duty at 7% would be Rs 4,97,000.