Guideline Value for Vaigai Street

Vaigai Street guideline value

The current guideline value of Vaigai Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, with a land classification of Residential Class I Type - III.

How the guideline value of Vaigai Street has changed

The guideline value of Vaigai Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, in the following revisions, the value increased significantly, reaching Rs 1,500 per sq.ft in 2023, and further rising to Rs 1,650 per sq.ft in 2024, which is a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%, bringing the value back to Rs 1,500 per sq.ft. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam village, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the current guideline value of Vaigai Street.

• Vaidyalingam Ist Cross Street: Rs 1,650 per sq.ft (2024)
• Vaidyalingam 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Vaithiyalingam Street: Rs 1,650 per sq.ft (2024)
• Usha Avenue: Rs 2,750 per sq.ft (2024)
• Valliammai 2nd Cross Street: Rs 1,100 per sq.ft (2024)
• Valliammai Ist Cross Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vaigai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty, charged at 7%, would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, these fees would total Rs 1,48,500. 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 information.

Which Sub Registrar Office covers Vaigai Street?

The Sub Registrar Office that covers Vaigai Street 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 additional details.

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

The guideline value is a critical factor during the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must consider this value to avoid discrepancies during the registration process, as it influences the overall cost involved in the transaction.

Frequently asked questions

What is the current guideline value of Vaigai Street?

The current guideline value of Vaigai Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Vaigai Street?

Vaigai Street is classified as Residential Class I Type - III.

Where can I find the Sub Registrar Office for Vaigai Street?

The Sub Registrar Office for Vaigai Street 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 Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.