Guideline Value for Vaigai Nagar

Vaigai Nagar guideline value

The current guideline value of Vaigai Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Tambaram village under the Tambaram Joint 1 SRO, classified as Residential Class I Type - II.

How the guideline value of Vaigai Nagar has changed

Over the years, the guideline value of Vaigai Nagar has seen significant changes. The 2007 revision set the value at Rs 400 per sq.ft, which increased dramatically to Rs 2,000 per sq.ft in 2012, marking a 400% rise. However, in the 2017 revision, the value dropped to Rs 1,340 per sq.ft, reflecting a decrease of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, a substantial increase of 49% from the previous revision.

The most recent revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, which is a 10% increase from the 2023 figure. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 880 to Rs 8,250 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Vaigai Nagar's 2024 figure below that median.

• Vaigai Street: Rs 2,200 per sq.ft (2024)
• Vadivel Street: Rs 3,300 per sq.ft (2024)
• Vanilarasu Street: Rs 4,400 per sq.ft (2024)
• T.K. Chetty Street: Rs 1,320 per sq.ft (2024)
• Vasantham nagar: Rs 2,200 per sq.ft (2024)
• Vasantham nagar Ext: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Vaigai Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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 to Rs 1,98,000. It is important to note that 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 details.

Which Sub Registrar Office covers Vaigai Nagar?

The Sub Registrar Office that covers Vaigai Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Tambaram. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps determine the minimum value at which a property can be registered. This ensures transparency and fairness in property dealings, as it reflects the official valuation of the property based on various factors.

Frequently asked questions

What is the current guideline value of Vaigai Nagar?

The current guideline value of Vaigai Nagar 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 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 450% over the years.

What is the land classification of Vaigai Nagar?

Vaigai Nagar is classified as Residential Class I Type - II, indicating its suitability for residential development.

Where can I find the registration office for Vaigai Nagar?

The registration office for Vaigai Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Vaigai Nagar?

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