Guideline Value for Vakil Krishnaswamy Street

Vakil Krishnaswamy Street guideline value

The current guideline value of Vakil Krishnaswamy Street is Rs 2,420 per sq.ft, effective from 1 July 2024. This street is located in Chengalpattu Town village, under the Chengleput Joint I SRO, and is classified as Residential Class III Type - I.

How the guideline value of Vakil Krishnaswamy Street has changed

The guideline value for Vakil Krishnaswamy Street has seen several revisions over the years. The earliest recorded figure is from 2007, at Rs 500 per sq.ft. This value increased significantly to Rs 2,200 per sq.ft in 2012, marking a 340% rise. However, it then decreased to Rs 1,474 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 2,200 per sq.ft in 2023, and currently stands at Rs 2,420 per sq.ft as of the 2024 revision, reflecting a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 384%. There are no recorded figures for the years 2002 and 2003 for this street.

Guideline values in Chengalpattu Town

In Chengalpattu Town, there are 55 streets under the Chengleput Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 3,025 per sq.ft, making the current value of Vakil Krishnaswamy Street below this median.

• Varadanar Street: Rs 4,125 per sq.ft (2024)
• Veerakudi Velalar Street: Rs 2,420 per sq.ft (2024)
• Thirukazhukundram Road: Rs 2,475 per sq.ft (2024)
• Thimmaraja kula Street: Rs 3,850 per sq.ft (2024)
• T.E.L.C.Compound 4th Cross Street: Rs 3,850 per sq.ft (2024)
• T.E.L.C.Compound: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Vakil Krishnaswamy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value would be Rs 24,20,000. The stamp duty at 7% would amount to Rs 1,69,400, while the registration fee at 2% would be Rs 48,400. Together, the total cost for these fees would be Rs 2,17,800. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vakil Krishnaswamy Street?

The Sub Registrar Office that covers Vakil Krishnaswamy Street is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Chengalpattu Town. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the transaction is recorded at a value that reflects the market conditions and the property's worth.

Frequently asked questions

What is the current guideline value of Vakil Krishnaswamy Street?

The current guideline value of Vakil Krishnaswamy Street is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 2,420 per sq.ft in 2024, marking an overall increase of 384% over the years.

What are the other streets in Chengalpattu Town with guideline values?

Other streets in Chengalpattu Town include Varadanar Street, Veerakudi Velalar Street, Thirukazhukundram Road, Thimmaraja kula Street, and T.E.L.C.Compound, each with their respective guideline values for 2024.

What fees are associated with buying property in Vakil Krishnaswamy Street?

When buying property in Vakil Krishnaswamy Street, the fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Vakil Krishnaswamy Street?

The Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, covers Vakil Krishnaswamy Street.