Guideline Value for Vaikunda Vathiyar Street

Vaikunda Vathiyar Street guideline value

The current guideline value of Vaikunda Vathiyar Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Special Type - II.

How the guideline value of Vaikunda Vathiyar Street has changed

The guideline value for Vaikunda Vathiyar Street has undergone several revisions over the years. In 2007, the value was Rs 1,700 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, it then decreased to Rs 3,350 per sq.ft in 2017. The value saw a substantial increase to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 224%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this village is Rs 4,400 per sq.ft, placing Vaikunda Vathiyar Street's 2024 figure above that median.

• Vaithyanath Mudali Street: Rs 4,400 per sq.ft (2024)
• Vadamalai Maistry Street: Rs 6,000 per sq.ft (2024)
• Vadamalai Maistry 2nd Lane: Rs 6,000 per sq.ft (2024)
• Vadamalai Maistry 1st Lane: Rs 6,000 per sq.ft (2024)
• Vandalur Rangapillai Street: Rs 4,400 per sq.ft (2024)
• Varadaiyar Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Vaikunda Vathiyar Street

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

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vaikunda Vathiyar Street?

The Sub Registrar Office that covers Vaikunda Vathiyar Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Muthiyalpet. It determines the minimum value at which a property can be registered and is used to calculate stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, preventing under-reporting of property prices. This practice helps maintain transparency in real estate transactions within the region.

Frequently asked questions

What is the current guideline value of Vaikunda Vathiyar Street?

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

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,700 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, which is an overall increase of 224%.

What are the stamp duty and registration fees for properties here?

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 property registrations for this area?

The Sowcarpet Sub Registrar Office at No.11, Davidson Street, Sowcarpet, Chennai-01, handles property registrations for Vaikunda Vathiyar Street.

What is the significance of the guideline value?

The guideline value is used to determine the minimum registration value of properties and is essential for calculating stamp duty and registration fees during property transactions in Muthiyalpet.