Guideline Value for VIVEKANANTHA NAGAR

Vivekanantha Nagar guideline value

The current guideline value of Vivekanantha Nagar 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 street is Residential Special Type - III.

How the guideline value of Vivekanantha Nagar has changed

The guideline value of Vivekanantha Nagar has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,300 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a 131% rise. However, the value then dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The 2023 revision set the value at Rs 3,000 per sq.ft, which then increased to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase.

In summary, the guideline value rose from Rs 1,300 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, which is an overall increase of 154%. The register has no figures for the years 2002 and 2003 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 is Rs 2,500 per sq.ft, placing the guideline value of Vivekanantha Nagar above this median.

• 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)
• 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

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. Together, the total cost for these fees would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Vivekanantha Nagar?

The Sub Registrar Office that covers Vivekanantha Nagar is 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 plays a crucial role in the registration process of property transactions in Korattur. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it can significantly affect the overall cost of the transaction. Accurate knowledge of this value helps in planning the financial aspects of buying or selling property in the area.

Frequently asked questions

What is the current guideline value of Vivekanantha Nagar?

The current guideline value of Vivekanantha Nagar 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 1,300 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Vivekanantha Nagar?

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

What are the stamp duty and registration fees for property in Vivekanantha Nagar?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers Vivekanantha Nagar?

The Villivakkam Sub Registrar Office covers Vivekanantha Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.