Guideline Value for VIVEKANANDA NAGAR ANNEX

Vivekananda Nagar Annex guideline value

The current guideline value of Vivekananda Nagar Annex is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the jurisdiction of the Villivakkam SRO, and is classified as Residential Special Type - III.

How the guideline value of Vivekananda Nagar Annex has changed

Over the years, the guideline value of Vivekananda Nagar Annex has seen several revisions. The 2012 revision recorded a value of Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in the 2017 revision. However, this was followed by a significant increase to Rs 3,000 per sq.ft in the 2023 revision, and then to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value of Vivekananda Nagar Annex is above this median.

• Vivekananda Nagar Annex III: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar Annex II: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar Extension: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekananda Nagar Annex

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Vivekananda Nagar Annex?

The Vivekananda Nagar Annex falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Korattur. It determines the minimum value at which property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value serves as a benchmark for calculating the stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Vivekananda Nagar Annex?

The current guideline value of Vivekananda Nagar Annex is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, an increase of 10%. It was Rs 2,010 per sq.ft in 2017, which marks a 49% increase from that year to 2023.

What is the land classification for Vivekananda Nagar Annex?

Vivekananda Nagar Annex is classified as Residential Special Type - III, indicating its suitability for residential development.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How are stamp duty and registration fees calculated in Vivekananda Nagar Annex?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a plot of 1,000 sq.ft, the total guideline value would be Rs 33,00,000, leading to a total fee of Rs 2,97,000.