Guideline Value for Vani Nagar Main Road

Vani Nagar Main Road guideline value

The current guideline value of Vani Nagar Main Road is Rs 4,950 per sq.ft, effective from 1 July 2024. This road is located in Valasaravakkam village under the Virugambakkam SRO and is classified as Residential Class I Type - I.

How the guideline value of Vani Nagar Main Road has changed

Over the years, the guideline value for Vani Nagar Main Road has seen several revisions. The 2012 revision set the value at Rs 4,500 per sq.ft, which remained unchanged in the 2023 revision. However, the 2024 revision increased the value to Rs 4,950 per sq.ft, marking a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value is Rs 3,850 per sq.ft, and Vani Nagar Main Road's 2024 figure is above this median.

• Vani Nagar: Rs 4,950 per sq.ft (2024)
• Vanjinathan 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Vanjinathan 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Vanjinathan Street: Rs 3,850 per sq.ft (2024)
• Valliyammai Nagar main road: Rs 3,850 per sq.ft (2024)
• Valliyammai Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vani Nagar Main Road

For a 1,000 sq.ft plot at the current rate of Rs 4,950 per sq.ft, the guideline value is Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, totaling Rs 4,45,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vani Nagar Main Road?

The Sub Registrar Office that covers Vani Nagar Main Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the government. It is important to note that the stamp duty is charged based on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Vani Nagar Main Road?

The current guideline value of Vani Nagar Main Road is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 4,500 per sq.ft in 2012 to Rs 4,950 per sq.ft in 2024, reflecting a 10% rise over this period.

What is the land classification for Vani Nagar Main Road?

Vani Nagar Main Road is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Vani Nagar Main Road?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 4,45,500 in fees based on the current guideline value.

Where can I find the Sub Registrar Office for Vani Nagar Main Road?

The Virugambakkam Sub Registrar Office, which covers Vani Nagar Main Road, is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.