Guideline Value for Vaigai Street

Vaigai Street guideline value

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

How the guideline value of Vaigai Street has changed

The guideline value for Vaigai Street has seen several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 400%. However, it then dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as of the 2024 revision, reflecting a 10% increase from the previous year.

Notably, the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median value among these streets is Rs 3,300 per sq.ft, which means that the guideline value of Vaigai Street is below this median.

• Vaigai Nagar: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

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 more information.

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

The guideline value is a crucial factor in property transactions in Tambaram, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid during the registration process.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with legal requirements and to accurately assess the costs involved in the transaction. This value reflects the government's assessment of property worth in the area.

Frequently asked questions

What is the current guideline value of Vaigai Street?

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

What is the land classification for Vaigai Street?

Vaigai Street is classified as Residential Class I Type - II, which indicates its use for residential purposes.

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 property in Vaigai Street?

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