Guideline Value for Vaineshwari Nagar 2nd Cross Street

Vaineshwari Nagar 2nd Cross Street guideline value

The current guideline value of Vaineshwari Nagar 2nd Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Vaineshwari Nagar 2nd Cross Street has changed

The guideline value for Vaineshwari Nagar 2nd Cross Street has seen significant changes over the years. In 2002, the guideline value was Rs 125 per sq.ft. This figure increased to Rs 141 per sq.ft in 2003, marking a 13% rise. The value then experienced a dramatic surge to Rs 2,345 per sq.ft in 2017, which represents an increase of 1,563%. Following this, the guideline value rose to Rs 3,500 per sq.ft in 2023, a 49% increase from the previous revision. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from 2023.

There are no figures available for the years 2007 and 2012 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 2,980%.

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 guideline value in this area is Rs 4,400 per sq.ft, placing Vaineshwari Nagar 2nd Cross Street's 2024 figure below that median.

• Vaineshwari Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Vaineshwari Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Vaineshwari Nagar: Rs 3,850 per sq.ft (2024)
• Vaigai Street, Devi Karumariamman Nagar Extn: Rs 3,850 per sq.ft (2024)
• Vaigai Street: Rs 3,850 per sq.ft (2024)
• Vaduvambal Nagar: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Vaineshwari Nagar 2nd Cross 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, while the registration fee at 2% would be Rs 77,000, bringing the total to 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 our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vaineshwari Nagar 2nd Cross Street?

The Vaineshwari Nagar 2nd Cross Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a critical factor during property registration in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vaineshwari Nagar 2nd Cross Street?

The current guideline value of Vaineshwari Nagar 2nd Cross 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 significantly from Rs 125 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 2,980%.

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

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 Vaineshwari Nagar 2nd Cross Street?

The Velacheri Sub Registrar Office handles registrations for Vaineshwari Nagar 2nd Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the significance of the guideline value?

The guideline value is used as a reference for calculating stamp duty and registration fees during property transactions, ensuring that the government receives appropriate revenue from these sales.