Guideline Value for Vaithiyar Street

Vaithiyar Street guideline value

The current guideline value of Vaithiyar Street in Thirusulam village is Rs 1,940 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram Sub Registrar Office and is classified as Residential Class II Type - I.

How the guideline value of Vaithiyar Street has changed

Over the years, the guideline value of Vaithiyar Street has experienced several revisions. The 2007 revision set the value at Rs 200 per sq.ft, which increased significantly to Rs 1,800 per sq.ft in the 2012 revision. However, this value saw a decrease to Rs 1,206 per sq.ft in the 2017 revision. The 2023 revision marked an increase to Rs 1,800 per sq.ft, followed by the current value of Rs 1,940 per sq.ft in the 2024 revision, reflecting an 8% increase from the previous year.

In total, from the 2007 revision to the 2024 revision, the guideline value has increased by 870%. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Thirusulam

In Thirusulam, there are 74 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,080 to Rs 2,750 per sq.ft. The median guideline value for these streets is Rs 1,940 per sq.ft, which is equal to the current guideline value of Vaithiyar Street.

• Vaithiyar Street Ext 1 To 4 Streets: Rs 1,940 per sq.ft (2024)
• Vaithiyar Street Extn: Rs 1,940 per sq.ft (2024)
• Vambuliamman Koil Street: Rs 1,100 per sq.ft (2024)
• Vembuliamman Koil 1 To 5 Streets: Rs 1,100 per sq.ft (2024)
• Thirusoolam Main Road: Rs 2,750 per sq.ft (2024)
• Venkateshwara Avenue 1 Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vaithiyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,940 per sq.ft, the total guideline value amounts to Rs 19,40,000. The stamp duty is charged at 7%, which totals Rs 1,35,800, and the registration fee at 2% amounts to Rs 38,800. Together, the total cost for stamp duty and registration fee is Rs 1,74,600. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vaithiyar Street?

The Sub Registrar Office that covers Vaithiyar Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Thirusulam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is set by the government and is revised periodically to reflect changes in the real estate market.

When selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in the real estate market. Buyers and sellers should be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Vaithiyar Street?

The current guideline value of Vaithiyar Street is Rs 1,940 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 200 per sq.ft in 2007 to Rs 1,940 per sq.ft in 2024, which is an overall increase of 870%.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 19,40,000. The stamp duty is Rs 1,35,800 and the registration fee is Rs 38,800, totaling Rs 1,74,600.

Which office handles property registrations for Vaithiyar Street?

The Pallavaram Sub Registrar Office handles property registrations for Vaithiyar Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

How is the guideline value determined?

The guideline value is determined by the government and is revised periodically based on various factors, including market conditions and property classifications. It serves as a reference for calculating stamp duty and registration fees.