Guideline Value for Vaidegi Nagar

Vaidegi Nagar guideline value

The current guideline value of Vaidegi Nagar is Rs 385 per sq.ft, effective from 1 July 2024. This area falls under the villages of Orakadu & Kiruthalapuram and is classified as Residential Class I Type - I. The relevant registration office for this area is the Redhills SRO.

How the guideline value of Vaidegi Nagar has changed

The guideline value for Vaidegi Nagar has undergone several revisions over the years. Starting from the 2003 revision, the value was Rs 16 per sq.ft. This increased significantly to Rs 300 per sq.ft in 2007, marking a 1775% increase. However, the value saw a decrease to Rs 350 per sq.ft in 2012, a drop of 33%. The value then rose again to Rs 234 per sq.ft in 2017, followed by a substantial increase to Rs 350 per sq.ft in 2023, and finally reaching Rs 385 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

From 2017 to 2023, the value increased by 50%. Overall, from the 2003 revision to the current 2024 revision, the guideline value has increased by 2306%. It is important to note that there is no figure available for the 2002 revision for this street.

Guideline values in Orakadu & Kiruthalapuram

In Orakadu & Kiruthalapuram, there are 34 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 900 per sq.ft. The median value for these streets is Rs 385 per sq.ft, which is equal to the current guideline value of Vaidegi Nagar.

• Surveswara Swamy Koil Street: Rs 385 per sq.ft (2024)
• Sri Shanmuga Nagar: Rs 385 per sq.ft (2024)
• Sri Ramulu Naidu Street: Rs 385 per sq.ft (2024)
• Sri Bhagavan Nagar: Rs 385 per sq.ft (2024)
• Shainsha Baba Nagar: Rs 275 per sq.ft (2024)
• Ramachandra Naidu Street: Rs 385 per sq.ft (2024)

Stamp duty and registration fee for property in Vaidegi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 385 per sq.ft, the total guideline value would be Rs 3,85,000. The stamp duty at 7% would be Rs 26,950, and the registration fee at 2% would be Rs 7,700, making the total fees Rs 34,650. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vaidegi Nagar?

Vaidegi Nagar is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Orakadu & Kiruthalapuram

The guideline value serves as a benchmark for property transactions in Orakadu & Kiruthalapuram. It is used to calculate the stamp duty and registration fees that buyers must pay when purchasing property in this area. This ensures that the government collects the appropriate taxes based on the established value of the property.

When selling property, the guideline value can influence the sale price, as it reflects the official valuation of the land. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Vaidegi Nagar?

The current guideline value of Vaidegi Nagar is Rs 385 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 16 per sq.ft in 2003 to Rs 385 per sq.ft in 2024, reflecting a total increase of 2306% over this period.

What is the median guideline value in Orakadu & Kiruthalapuram?

The median guideline value for streets in Orakadu & Kiruthalapuram is Rs 385 per sq.ft, which is the same as the current value for Vaidegi Nagar.

What fees are associated with purchasing property in Vaidegi Nagar?

When purchasing property in Vaidegi Nagar, buyers must pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Vaidegi Nagar?

The Sub Registrar Office covering Vaidegi Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.