Guideline Value for VIVEKANANTHA NAGAR EXTENSION

Vivekanantha Nagar Extension guideline value

The current guideline value of Vivekanantha Nagar Extension is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this region is Residential Special Type - III.

How the guideline value of Vivekanantha Nagar Extension has changed

The guideline value for Vivekanantha Nagar Extension has seen several revisions over the years. Starting from the 2007 revision, the guideline value was Rs 1,300 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in the 2012 revision, which remained unchanged until the 2023 revision. In 2023, the value was again set at Rs 3,000 per sq.ft, but it saw a rise to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase.

Looking back further, the increase from the 2007 revision to the 2012 revision was a notable 131%. Overall, from 2007 to 2024, the guideline value has increased by 154%. The register has no figures for the years 2017, 2003, and 2002 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, indicating that the guideline value for Vivekanantha Nagar Extension is above this median.

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

Stamp duty and registration fee for property in Vivekanantha Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees together to Rs 2,97,000. 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 information on calculating these fees.

Which Sub Registrar Office covers Vivekanantha Nagar Extension?

The Vivekanantha Nagar Extension falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Korattur. It serves as the basis for calculating stamp duty and registration fees, which are mandatory during the registration process. Buyers should be aware that the guideline value is used to determine the legal valuation of the property.

When a property is registered, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is officially recognized and recorded in the local land registry.

Frequently asked questions

What is the current guideline value of Vivekanantha Nagar Extension?

The current guideline value of Vivekanantha Nagar Extension 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 seen several changes, starting from Rs 1,300 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 154% over this period.

What is the land classification for Vivekanantha Nagar Extension?

The land classification for Vivekanantha Nagar Extension is Residential Special Type - III, indicating its designated use for residential purposes.

Where can I find the registration office for Vivekanantha Nagar Extension?

The registration office covering Vivekanantha Nagar Extension is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Vivekanantha Nagar Extension?

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