Guideline Value for VIVEK NAGAR/ EXT

Vivek Nagar/ Ext guideline value

The current guideline value for Vivek Nagar/ Ext in Melsingilimedu village is Rs 330 per sq.ft, effective from 1 July 2024. This area falls under the Thiruvottiyur SRO and is classified as Commercial Class I Type - I.

How the guideline value of Vivek Nagar/ Ext has changed

In the 2012 revision, the guideline value was Rs 300 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 201 per sq.ft. Following this, the value increased significantly to Rs 300 per sq.ft in the 2023 revision, and then to Rs 330 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. The overall change from 2012 to 2024 shows a modest increase of 10%.

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 the median being Rs 330 per sq.ft. Vivek Nagar/ Ext's 2024 figure aligns with this median.

• Vivek Nagar Annex: 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/ Ext

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 fees together to Rs 29,700. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Vivek Nagar/ Ext?

The Vivek Nagar/ Ext area is covered by the Thiruvottiyur Sub Registrar Office located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Melsingilimedu. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official registry.

When a property is sold, the guideline value is considered to ensure that the sale price is reflective of the market conditions. This helps in maintaining transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value for Vivek Nagar/ Ext?

The current guideline value for Vivek Nagar/ Ext is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent increase from Rs 300 per sq.ft in 2023 to Rs 330 per sq.ft in 2024, marking a 10% increase.

What is the land classification for Vivek Nagar/ Ext?

Vivek Nagar/ Ext is classified as Commercial Class I Type - I under the guideline value register.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property with a guideline value of Rs 3,30,000, the stamp duty at 7% would be Rs 23,100.