Guideline Value for VIVEK NAGAR ANNEX

Vivek Nagar Annex guideline value

The current guideline value of Vivek Nagar Annex is Rs 330 per sq.ft, effective from 1 July 2024. This property is located in Melsingilimedu village under the Thiruvottiyur SRO, classified as Commercial Class I Type - I.

How the guideline value of Vivek Nagar Annex has changed

The guideline value for Vivek Nagar Annex has undergone several revisions over the years. In 2007, the value was set at Rs 50 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2012, marking a 500% rise. However, this was followed by a decrease to Rs 201 per sq.ft in 2017, a change of -33%. The value then rose again to Rs 300 per sq.ft in 2023, and finally, it reached Rs 330 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

Between 2017 and 2023, the guideline value saw a substantial increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 560%. It is important to note that for the years 2002 and 2003, the register has no figure for this street.

Guideline values in Melsingilimedu

In Melsingilimedu, there are 14 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 880 per sq.ft, with a median value of Rs 330 per sq.ft. The guideline value for Vivek Nagar Annex aligns with this median.

• Vivek Nagar/ Ext: Rs 330 per sq.ft (2024)
• Thippu Jayanthi Nagar (2): Rs 330 per sq.ft (2024)
• Thippu Jayanthi Nagar: Rs 330 per sq.ft (2024)
• Thippu Jayanthi Avenue: Rs 880 per sq.ft (2024)
• Sri Lakshmi Amman Nagar: Rs 330 per sq.ft (2024)
• Sri Kaligambal Nagar Ext: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in Vivek Nagar Annex

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty at 7% would be Rs 23,100, and the registration fee at 2% would be Rs 6,600, bringing the total cost for these fees to Rs 29,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vivek Nagar Annex?

The Vivek Nagar Annex falls under the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Melsingilimedu. It determines the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair valuation according to the local standards.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are essential components of the registration process. Buyers and sellers must consider these fees when planning their property transactions.

Frequently asked questions

What is the current guideline value of Vivek Nagar Annex?

The current guideline value of Vivek Nagar Annex is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 330 per sq.ft in 2024, marking an overall increase of 560% over the years.

What are the stamp duty and registration fees for property in Vivek Nagar Annex?

For a 1,000 sq.ft plot, the total guideline value is Rs 3,30,000. The stamp duty is Rs 23,100, and the registration fee is Rs 6,600, totaling Rs 29,700.

Which Sub Registrar Office covers this area?

The Thiruvottiyur Sub Registrar Office covers Vivek Nagar Annex, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the land classification of Vivek Nagar Annex?

Vivek Nagar Annex is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.