Guideline Value for VIVEKANANDAR STREET

Vivekanandar Street guideline value

The current guideline value of Vivekanandar Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Karambakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Vivekanandar Street has changed

The guideline value for Vivekanandar Street has undergone several revisions over the years. In 2002, the value was Rs 146 per sq.ft, which increased to Rs 168 per sq.ft in 2003. Following this, there was a significant rise to Rs 500 per sq.ft in 2007, and it further increased to Rs 1,500 per sq.ft in 2012. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft. The most recent revisions show an increase to Rs 1,500 per sq.ft in 2023, and finally, the current value is Rs 1,650 per sq.ft as of 2024.

Overall, from 2002 to 2024, the guideline value has increased by 1,030%. The register has no figures for the years not mentioned in the list provided.

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. The median guideline value is Rs 1,930 per sq.ft, placing Vivekanandar Street's current value below this median.

• Viswanathan 2nd Street: Rs 2,480 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in Vivekanandar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total cost for these fees Rs 1,48,500. It is important to note that the 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 more detailed calculations.

Which Sub Registrar Office covers Vivekanandar Street?

The Sub Registrar Office that covers Vivekanandar 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 information.

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

The guideline value is a critical factor in property transactions in Karambakkam. It serves as a benchmark for determining the minimum value of property for registration purposes. When a property is sold, the transaction must be registered at the Sub Registrar Office, and the guideline value is used to calculate the stamp duty and registration fees applicable to the sale.

Buyers and sellers should be aware that the guideline value is subject to periodic revisions, which can affect the cost of registration. It is advisable to check the current guideline value before proceeding with any property transaction to ensure compliance with the latest regulations.

Frequently asked questions

What is the current guideline value of Vivekanandar Street?

The current guideline value of Vivekanandar Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 146 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 1,030% over this period.

What is the land classification for Vivekanandar Street?

Vivekanandar Street is classified as Residential Class IV Type - I.

What are the stamp duty and registration fees for property in Vivekanandar Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 16,50,000, with a stamp duty of Rs 1,15,500 and a registration fee of Rs 33,000, totaling Rs 1,48,500.

Which office handles property registrations in Karambakkam?

The Chennai South Joint I Sub Registrar Office handles property registrations in Karambakkam, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.