Guideline Value for VIVEKANDHAR STREET

Vivekandhar Street guideline value

The current guideline value of Vivekandhar Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Residential Class I Type - I.

How the guideline value of Vivekandhar Street has changed

The guideline value for Vivekandhar Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 2,000 per sq.ft. The most recent revision in 2024 saw another increase of 10%, setting the current value at Rs 2,200 per sq.ft.

There are no recorded figures for the years 2002, 2003, and 2007 for Vivekandhar Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value of Vivekandhar Street.

• Vishnu Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Vinoth Street: Rs 2,200 per sq.ft (2024)
• V.O.C. Street: Rs 1,540 per sq.ft (2024)
• Vinayaka Nagar: Rs 2,200 per sq.ft (2024)
• Vinayagar Koil Street: Rs 2,200 per sq.ft (2024)
• Vinayagaram Bajanai Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekandhar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total charges to Rs 1,98,000. 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 more details.

Which Sub Registrar Office covers Vivekandhar Street?

The Vivekandhar Street falls under 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 further assistance.

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

The guideline value is a crucial factor when registering property transactions in Medavakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that both buyers and sellers are aware of the minimum valuation for the property being transacted.

When a property is sold, the guideline value helps determine the legal obligations regarding taxes and fees. Buyers should be aware that the guideline value may differ from the actual sale price, but the higher of the two will be used for calculating the applicable duties.

Frequently asked questions

What is the current guideline value of Vivekandhar Street?

The current guideline value of Vivekandhar Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the registration office for Vivekandhar Street?

The registration office for Vivekandhar 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.

How is stamp duty calculated for properties in Vivekandhar Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a plot valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000.

What other streets have the same guideline value in Medavakkam?

Other streets in Medavakkam that share the same guideline value of Rs 2,200 per sq.ft include Vishnu Nagar 1st Main Road, Vinoth Street, Vinayaka Nagar, Vinayagar Koil Street, and Vinayagaram Bajanai Koil Street.