Guideline Value for Vaishnavi Avenue

Vaishnavi Avenue guideline value

The current guideline value of Vaishnavi Avenue is Rs 700 per sq.ft, effective from 1 July 2024. This street is located in Kayirambedu village, under the Chengleput Joint II SRO, and is classified as Residential Special Type - II.

How the guideline value of Vaishnavi Avenue has changed

Over the years, the guideline value of Vaishnavi Avenue has seen several revisions. In 2007, the value was Rs 100 per sq.ft, which increased significantly to Rs 700 per sq.ft in 2012, marking a 600% increase. However, from 2012 to 2017, the value dropped to Rs 469 per sq.ft, a decrease of 33%. The value then rose to Rs 700 per sq.ft in 2023, remaining unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. The overall change from 2007 to 2024 reflects a substantial increase of 600%, with the current rate of Rs 700 per sq.ft aligning with the median value of other streets in the area.

Guideline values in Kayirambedu

In Kayirambedu, there are 120 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 3,550 per sq.ft. The median value is Rs 700 per sq.ft, which is equal to the guideline value of Vaishnavi Avenue. Below are the guideline values for other streets in Kayirambedu:

• Vaishnavi Nagar: Rs 700 per sq.ft (2024)
• Vasanthapuram: Rs 700 per sq.ft (2024)
• Venkat Avenue: Rs 2,389 per sq.ft (2024)
• Venus Nagar: Rs 500 per sq.ft (2024)
• Thirukural Nagar Phase I: Rs 700 per sq.ft (2024)
• Thirukural Nagar: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Vaishnavi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total to Rs 63,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Vaishnavi Avenue?

The Sub Registrar Office that covers Vaishnavi Avenue is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Kayirambedu, as it determines the minimum value at which property transactions can be registered. This value is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

When registering a property, the guideline value serves as a benchmark for assessing the transaction's legitimacy. Buyers and sellers must be aware of this value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vaishnavi Avenue?

The current guideline value of Vaishnavi Avenue is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, from Rs 100 per sq.ft in 2007 to Rs 700 per sq.ft in 2012, then decreasing to Rs 469 per sq.ft in 2017, before returning to Rs 700 per sq.ft in 2023 and 2024.

What is the land classification of Vaishnavi Avenue?

Vaishnavi Avenue is classified as Residential Special Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Vaishnavi Avenue?

For a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000 and the registration fee would be Rs 14,000, totaling Rs 63,000.

Which office handles registrations for properties in Kayirambedu?

The Chengleput Joint II Sub Registrar Office handles registrations for properties in Kayirambedu, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.