Guideline Value for VIVEGANANDA NAGAR

Vivegananda Nagar guideline value

The current guideline value for Vivegananda Nagar, located in Ramapuram village under the Chennai South Joint II SRO, is Rs 3,100 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Vivegananda Nagar has changed

The guideline value for Vivegananda Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 293 per sq.ft, which increased to Rs 367 per sq.ft in 2003, marking a 25% rise. The value continued to climb, reaching Rs 1,100 per sq.ft in 2007, a substantial increase of 200%. By 2012, the value saw a decrease to Rs 2,800 per sq.ft, reflecting a decline of 33%. However, it rebounded to Rs 1,876 per sq.ft in 2017, representing a 49% increase from the previous revision. The value further increased to Rs 2,800 per sq.ft in 2023 before reaching the current figure of Rs 3,100 per sq.ft in 2024, which is an 11% rise.

Overall, from 2002 to 2024, the guideline value has increased by 958%. The register has no figure for this street in any other years not listed above.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value is Rs 3,100 per sq.ft, which is equal to the guideline value for Vivegananda Nagar.

• Vivegananda Nagar 1st Cross Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar 1st Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar 2nd Cross Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar Annex 1st Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar Main Road: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vivegananda Nagar

For a property measuring 1,000 sq.ft at the current guideline value of Rs 3,100 per sq.ft, the total guideline value would be Rs 31,00,000. The stamp duty at 7% would amount to Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, bringing the total to Rs 2,79,000. Duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vivegananda Nagar?

The Vivegananda Nagar area falls under the Chennai South Joint II 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 Ramapuram

The guideline value is an essential factor in the registration process when buying or selling property in Ramapuram. It serves as the minimum value for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer and seller must consider the guideline value, as it is used to determine the applicable taxes. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value for Vivegananda Nagar?

The current guideline value for Vivegananda Nagar is Rs 3,100 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 293 per sq.ft in 2002 to Rs 3,100 per sq.ft in 2024, marking an overall increase of 958% over the years.

What is the land classification for Vivegananda Nagar?

The land classification for Vivegananda Nagar is Residential Class II Type - I, indicating its suitability for residential development.

What are the other streets in Ramapuram with the same guideline value?

Other streets in Ramapuram with the same guideline value of Rs 3,100 per sq.ft include Vivegananda Nagar 1st Cross Street, Vivegananda Nagar 1st Street, Vivegananda Nagar 2nd Cross Street, Vivegananda Nagar 2nd Street, Vivegananda Nagar Annex 1st Street, and Vivegananda Nagar Main Road.

Where can I find the Sub Registrar Office for Vivegananda Nagar?

The Sub Registrar Office for Vivegananda Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find more details online.