Guideline Value for Vaidyanathan Street

Vaidyanathan Street guideline value

The current guideline value of Vaidyanathan Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Vaidyanathan Street has changed

The guideline value for Vaidyanathan Street has seen several revisions over the years. In the 2007 revision, the value was Rs 3,000 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in the 2012 revision, marking a rise of 167%. However, in the 2017 revision, the value dropped to Rs 5,360 per sq.ft, reflecting a decrease of 33%. The value then rose to Rs 8,000 per sq.ft in the 2023 revision, and most recently, it has increased to Rs 8,800 per sq.ft in the 2024 revision, representing a 10% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 193%. It is important to note that the register does not contain figures for Vaidyanathan Street for the years 2002 and 2003.

Guideline values in Nungambakkam

In Nungambakkam, there are a total of 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, which is equal to the current value of Vaidyanathan Street.

• Vaigundapuram 1st Street: Rs 5,500 per sq.ft (2024)
• Vaigundapuram 2nd Street: Rs 5,500 per sq.ft (2024)
• Valluvarkottam 1st Lane: Rs 8,800 per sq.ft (2024)
• Valluvarkottam 2nd Lane: Rs 8,800 per sq.ft (2024)
• Valluvarkottam High Road (or) Village Road: Rs 13,200 per sq.ft (2024)
• Valluvar Kuppam: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vaidyanathan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, making the total cost for these fees Rs 7,92,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vaidyanathan Street?

The Sub Registrar Office that covers Vaidyanathan Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Nungambakkam, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that are applicable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, helping to prevent undervaluation. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations and to accurately estimate the costs involved in the property transaction.

Frequently asked questions

What is the current guideline value of Vaidyanathan Street?

The current guideline value of Vaidyanathan Street is Rs 8,800 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 2007 to Rs 8,800 per sq.ft in 2024, showing an overall increase of 193% over the years.

What land classification is Vaidyanathan Street under?

Vaidyanathan Street is classified as Residential Special Type - II.

Where can I find other guideline values in Nungambakkam?

Other guideline values in Nungambakkam can be found by checking the values for various streets under the Chennai Central Joint II SRO, which range from Rs 3,300 to Rs 22,000 per sq.ft.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000, and the registration fee would be Rs 1,76,000.