Guideline Value for VISWANATHAN 2ND STREET

Viswanathan 2nd Street guideline value

The current guideline value of Viswanathan 2nd Street is Rs 2,480 per sq.ft, effective from 1 July 2024. This street is located in Karambakkam village, under the Chennai South Joint I SRO, and is classified as Residential Class II Type - I.

How the guideline value of Viswanathan 2nd Street has changed

The guideline value for Viswanathan 2nd Street has seen significant changes over the years. In 2002, the value was Rs 206 per sq.ft, which increased to Rs 237 per sq.ft in 2003, marking a 15% rise. The value continued to increase to Rs 500 per sq.ft in 2007, reflecting a substantial 111% growth. However, it then jumped to Rs 2,250 per sq.ft in 2012, showcasing a remarkable 350% increase. The value then decreased to Rs 1,507 per sq.ft in 2017, which was a decline of 33%. Following this, the value rose sharply to Rs 2,250 per sq.ft in 2023, and finally, it increased by 10% to reach Rs 2,480 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 1104%. The register has no figures for the years not mentioned in this summary.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 5,500 per sq.ft, with a median value of Rs 1,930 per sq.ft. Viswanathan 2nd Street's current guideline value of Rs 2,480 per sq.ft is above this median.

• Visvanathan Main Road: Rs 2,480 per sq.ft (2024)
• Visvanathan Main Cross Road: Rs 2,480 per sq.ft (2024)
• Visvanathan 4th Cross Street: Rs 2,480 per sq.ft (2024)
• Visvanathan 3rd Cross Street: Rs 2,480 per sq.ft (2024)
• Visvanathan 2nd Cross Street: Rs 2,480 per sq.ft (2024)
• Visvanathan 1st Street: Rs 2,480 per sq.ft (2024)

Stamp duty and registration fee for property in Viswanathan 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,480 per sq.ft, the total guideline value would be Rs 24,80,000. The stamp duty at 7% would amount to Rs 1,73,600, and the registration fee at 2% would be Rs 49,600, bringing the total to Rs 2,23,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Viswanathan 2nd Street?

The Sub Registrar Office that covers Viswanathan 2nd Street 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 details.

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

The guideline value is a crucial factor in property transactions in Karambakkam. It serves as the minimum value on which stamp duty and registration fees are calculated when buying or selling property. This ensures that the government receives appropriate revenue from property transactions.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This means that understanding the current guideline value is essential for buyers to accurately calculate their costs during the transaction process.

Frequently asked questions

What is the current guideline value of Viswanathan 2nd Street?

The current guideline value of Viswanathan 2nd Street is Rs 2,480 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 206 per sq.ft in 2002 to Rs 2,480 per sq.ft in 2024, showing an overall increase of 1104% over this period.

What is the land classification for Viswanathan 2nd Street?

Viswanathan 2nd Street is classified as Residential Class II Type - I.

What are the stamp duty rates applicable in this area?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

Which office handles property registrations for this street?

The Chennai South Joint I Sub Registrar Office is responsible for property registrations for Viswanathan 2nd Street.