Guideline Value for VISUVASA NAGAR

Visuvasa Nagar guideline value

The current guideline value of Visuvasa Nagar is Rs 990 per sq.ft, effective from 1 July 2024. This area is located in Kolathuvancheri village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class IV Type - II.

How the guideline value of Visuvasa Nagar has changed

The guideline value for Visuvasa Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 500 per sq.ft. This increased to Rs 900 per sq.ft in 2012, marking an 80% rise. However, between 2012 and 2017, the value decreased by 33% to Rs 603 per sq.ft. The subsequent revision in 2023 raised the value to Rs 900 per sq.ft, and the latest revision in 2024 brings it to Rs 990 per sq.ft, reflecting a 10% increase.

In summary, from 2007 to 2024, the overall increase in the guideline value is 98%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Visuvasa Nagar's 2024 figure below that median.

• V.O.C Street: Rs 1,320 per sq.ft (2024)
• Vijayalakshmi Avenue / Nagar: Rs 2,200 per sq.ft (2024)
• Vijayalakshmi Avenue 2nd Street: Rs 2,200 per sq.ft (2024)
• Vijayalakshmi Avenue 1st Street: Rs 2,200 per sq.ft (2024)
• V.G.N. Manai Pirivu: Rs 1,650 per sq.ft (2024)
• Venkateswar Avenue: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Visuvasa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total fees to Rs 89,100. It is important to note that 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 more details.

Which Sub Registrar Office covers Visuvasa Nagar?

The Sub Registrar Office covering Visuvasa Nagar 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 Kolathuvancheri

The guideline value is an essential factor during the registration of property transactions in Kolathuvancheri. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of a property.

When a property is sold, the guideline value helps in assessing the fair value of the property, ensuring that the transaction is registered at a price that reflects the current market conditions as per the official records.

Frequently asked questions

What is the current guideline value of Visuvasa Nagar?

The current guideline value of Visuvasa Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 500 per sq.ft in 2007 to Rs 990 per sq.ft in 2024, marking an overall increase of 98% over the years.

What is the registration office for Visuvasa Nagar?

The registration office for Visuvasa Nagar 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.

How is stamp duty calculated for properties in Visuvasa Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 89,100.

Where can I find more information about the guideline values in Kolathuvancheri?

More information about the guideline values in Kolathuvancheri can be found in the registration department's guideline value register (TNReginet) or by checking the specific streets listed under the Chennai South Joint I SRO.