Guideline Value for Vaigai Street

Vaigai Street guideline value

The current guideline value of Vaigai Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Vaigai Street has changed

The guideline value for Vaigai Street has seen significant changes over the years. In 2002, the value was Rs 297 per sq.ft, which increased to Rs 333 per sq.ft in 2003, marking a 12% rise. The value then surged dramatically to Rs 1,800 per sq.ft in 2007, reflecting a substantial increase of 441%. Following this, the value rose to Rs 2,345 per sq.ft in 2017, a 30% increase from the previous revision. The next revision in 2023 set the value at Rs 3,500 per sq.ft, which was a 49% increase. The most recent revision in 2024 has set the value at Rs 3,850 per sq.ft, representing a 10% increase from 2023.

It is important to note that there is no figure available for Vaigai Street in the 2012 revision. Overall, from 2002 to 2024, the guideline value has increased by 1196%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Vaigai Street's 2024 figure below this median.

• Vaigai Street, Devi Karumariamman Nagar Extn: Rs 3,850 per sq.ft (2024)
• Vaduvambal Nagar: Rs 3,850 per sq.ft (2024)
• Vaineshwari Nagar: Rs 3,850 per sq.ft (2024)
• Vaineshwari Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Vaineshwari Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Vaineshwari Nagar 3rd Cross Street: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total charges Rs 3,46,500. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Vaigai Street?

The Sub Registrar Office that covers Vaigai Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the current guideline value, as it will affect the overall transaction costs. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Vaigai Street?

The current guideline value of Vaigai Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 297 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1196% over this period.

What is the land classification for Vaigai Street?

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

What are the stamp duty and registration fees for property in Vaigai Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for Vaigai Street?

The Velacheri Sub Registrar Office handles registrations for Vaigai Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.