Guideline Value for Vaigundapuram 1st Street

Vaigundapuram 1st Street guideline value

The current guideline value of Vaigundapuram 1st Street is Rs 5,500 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 Class IV Type - II.

How the guideline value of Vaigundapuram 1st Street has changed

The guideline value for Vaigundapuram 1st Street has seen significant changes over the years. In 2007, the value was Rs 1,200 per sq.ft, which increased to Rs 5,000 per sq.ft in 2012. However, this figure dropped to Rs 3,350 per sq.ft by 2017. The 2023 revision saw a rise to Rs 5,000 per sq.ft, and the most recent 2024 revision has set the guideline value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 358%. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, which means that the guideline value of Vaigundapuram 1st Street is below this median.

• Vaigundapuram 2nd Street: Rs 5,500 per sq.ft (2024)
• Vaidyanathan Street: Rs 8,800 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 Vaigundapuram 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vaigundapuram 1st Street?

The Sub Registrar Office that covers Vaigundapuram 1st 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 an essential factor in the registration process of property transactions in Nungambakkam. It serves as a benchmark for calculating the stamp duty and registration fees that buyers need to pay when purchasing property.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately, reflecting the legal value of the property. This is crucial for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Vaigundapuram 1st Street?

The current guideline value of Vaigundapuram 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,200 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 358% over the years.

What is the median guideline value in Nungambakkam?

The median guideline value in Nungambakkam is Rs 8,800 per sq.ft, which is higher than the current value of Vaigundapuram 1st Street.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles registrations for Vaigundapuram 1st Street?

The Chennai Central Joint II Sub Registrar Office handles registrations for Vaigundapuram 1st Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.