Guideline Value for VISUVASAN STREET

Visuvasan Street guideline value

The current guideline value of Visuvasan Street in Nanmangalam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Visuvasan Street has changed

The guideline value for Visuvasan Street has undergone several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a rise of 733%. However, from 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, a drop of 33%. The value then rose sharply to Rs 2,500 per sq.ft in 2023, reflecting an increase of 49%. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for Visuvasan Street in the revisions of 2002 and 2003.

Guideline values in Nanmangalam

Nanmangalam has a total of 139 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,960 to Rs 3,850 per sq.ft in 2024. The median value for these streets is Rs 2,750 per sq.ft, which is equal to the current guideline value of Visuvasan Street.

• Vivekanadha Street: Rs 1,980 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 3,300 per sq.ft (2024)
• Vigneswara Avenue: Rs 1,980 per sq.ft (2024)
• Vignesh Nagar: Rs 2,750 per sq.ft (2024)
• Vidhiyalingam Nagar: Rs 2,750 per sq.ft (2024)
• Veerapandi Nagar 1 To 8 Streets: Rs 1,960 per sq.ft (2024)

Stamp duty and registration fee for property in Visuvasan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Visuvasan Street?

The Sub Registrar Office that covers Visuvasan Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value is a critical component in the registration process for property transactions in Nanmangalam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal valuation of the property. It is essential for buyers to be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Visuvasan Street?

The current guideline value of Visuvasan Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 300 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 817% over the years.

What are the stamp duty and registration fees for properties in Visuvasan Street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 2,47,500.

Where can I find the Sub Registrar Office for Visuvasan Street?

The Sub Registrar Office for Visuvasan Street is located at Pallavaram Sub Registrar Office, 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What other streets have guideline values in Nanmangalam?

Other streets in Nanmangalam include Vivekanadha Street, Vijayalakshmi Nagar, Vigneswara Avenue, Vignesh Nagar, Vidhiyalingam Nagar, and Veerapandi Nagar 1 To 8 Streets, each with their respective guideline values for 2024.