Guideline Value for VIVEKANANTHA NAGAR 2ND STREET

Vivekanantha Nagar 2nd Street guideline value

The current guideline value of Vivekanantha Nagar 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Special Type - III.

How the guideline value of Vivekanantha Nagar 2nd Street has changed

The guideline value for Vivekanantha Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2012, where it was set at Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in 2017. In 2023, the value increased to Rs 3,000 per sq.ft, and the most recent revision in 2024 saw it rise to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Between the revisions, the most significant change occurred from 2017 to 2023, where the 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. Vivekanantha Nagar 2nd Street's guideline value is above this median.

• Vivekanantha Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar Annex II: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar Extension: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar (Madhanakuppam): Rs 2,100 per sq.ft (2024)
• Vivekanantha Nagar Main Road: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekanantha Nagar 2nd Street

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, totaling Rs 2,97,000. 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 Vivekanantha Nagar 2nd Street?

The Vivekanantha Nagar 2nd Street falls under the jurisdiction of 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 further assistance.

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

The guideline value plays a crucial role during property transactions in Korattur. It is used to determine the stamp duty and registration fees payable during the registration process. Buyers and sellers should be aware that the guideline value is a key factor in calculating the total costs involved in a property transaction.

When a property is sold, the guideline value is considered to ensure that the transaction is registered at a value that reflects the official rates set by the government. This helps maintain transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of Vivekanantha Nagar 2nd Street?

The current guideline value of Vivekanantha Nagar 2nd Street 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 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Vivekanantha Nagar 2nd Street?

The land classification for Vivekanantha Nagar 2nd Street is Residential Special Type - III.

Where can I find the Villivakkam Sub Registrar Office?

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

How is stamp duty calculated for properties in Vivekanantha Nagar 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.