Guideline Value for Vanniya puram Corporation Colony

Vanniya puram Corporation Colony guideline value

The current guideline value of Vanniya puram Corporation Colony is Rs 6,100 per sq.ft, effective from 1 July 2024. This colony is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Vanniya puram Corporation Colony has changed

The guideline value for Vanniya puram Corporation Colony has seen several revisions over the years. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 5,600 per sq.ft, which was an increase from the previous revisions. The latest revision in 2024 raised the guideline value to Rs 6,100 per sq.ft, reflecting a change of +9% from the 2023 figure.

In summary, the guideline value for Vanniya puram Corporation Colony has risen from Rs 5,600 per sq.ft in 2023 to Rs 6,100 per sq.ft in 2024. This increase indicates a shift in the valuation of properties in this area, although the historical data for earlier years is not available.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Vanniya puram Corporation Colony at Rs 6,100 per sq.ft is below this median.

• Varadharajapuram Main Road: Rs 7,700 per sq.ft (2024)
• Varasidhi Vinayagar Koil Street: Rs 8,800 per sq.ft (2024)
• Veenus Colony 1st Street: Rs 17,600 per sq.ft (2024)
• Veenus Colony 2nd Street: Rs 17,600 per sq.ft (2024)
• Veenus Colony 3rd Street: Rs 17,600 per sq.ft (2024)
• Turn Bulls Road Extention: Rs 10,900 per sq.ft (2024)

Stamp duty and registration fee for property in Vanniya puram Corporation Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 6,100 per sq.ft, the total guideline value amounts to Rs 61,00,000. The stamp duty at 7% would be Rs 4,27,000, while the registration fee at 2% would be Rs 1,22,000. Together, these fees total Rs 5,49,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vanniya puram Corporation Colony?

The Vanniya puram Corporation Colony falls under the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road) Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value plays a crucial role during the registration of property transactions in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the higher of the guideline value and the sale price is considered for calculating the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Vanniya puram Corporation Colony?

The current guideline value of Vanniya puram Corporation Colony is Rs 6,100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased by 9% from Rs 5,600 per sq.ft in 2023 to Rs 6,100 per sq.ft in 2024.

What is the land classification for Vanniya puram Corporation Colony?

The land classification for Vanniya puram Corporation Colony is Residential Class III Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Vanniya puram Corporation Colony is the Chennai Central Joint I SRO, located at No.182 Bharati Salai (Pycrafts Road) Royapettah, Chennai-600014.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. The higher of the guideline value and the sale price is taken into account for calculating these charges.