Guideline Value for Vanniyar Street

Vanniyar Street guideline value

The current guideline value of Vanniyar Street in Virugambakkam village, under the Virugambakkam SRO, is Rs 7,150 per sq.ft, effective from 1 July 2024. This classification falls under Residential Special Type - I.

How the guideline value of Vanniyar Street has changed

The guideline value for Vanniyar Street has seen several revisions over the years. In 2002, the value was Rs 657 per sq.ft, which increased to Rs 728 per sq.ft in 2003, marking an 11% rise. The value then rose significantly to Rs 1,100 per sq.ft in 2007, reflecting a 51% increase. Following this, the 2012 revision set the value at Rs 6,500 per sq.ft, a substantial increase of 491% from the previous figure.

In 2017, the value dropped to Rs 4,355 per sq.ft, a decrease of 33%. The 2023 revision brought the value back up to Rs 6,500 per sq.ft, and the most recent 2024 revision has set the guideline value at Rs 7,150 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 988%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, making Vanniyar Street's current value above this median.

• Vanniyar Street East: Rs 4,400 per sq.ft (2024)
• Vanniyar Street West: Rs 4,400 per sq.ft (2024)
• Vayu Puthira Street: Rs 4,400 per sq.ft (2024)
• Velan 2nd Street: Rs 3,250 per sq.ft (2024)
• Velan 3rd Street: Rs 3,250 per sq.ft (2024)
• Velan 4th Street: Rs 3,250 per sq.ft (2024)

Stamp duty and registration fee for property in Vanniyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,150 per sq.ft, the total guideline value amounts to Rs 71,50,000. The stamp duty at 7% would be Rs 5,00,500, and the registration fee at 2% would be Rs 1,43,000, bringing the total to Rs 6,43,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vanniyar Street?

The Sub Registrar Office that covers Vanniyar Street 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 details.

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

The guideline value is a crucial factor when registering property transactions in Virugambakkam. It serves as a benchmark for determining stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

When buying or selling a property, understanding the guideline value helps ensure compliance with local regulations and accurate financial planning for the associated costs of registration.

Frequently asked questions

What is the current guideline value of Vanniyar Street?

The current guideline value of Vanniyar Street is Rs 7,150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 657 per sq.ft in 2002 to Rs 7,150 per sq.ft in 2024, reflecting an overall increase of 988% over the years.

What is the stamp duty for property in Vanniyar Street?

The stamp duty for property in Vanniyar Street is 7% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a stamp duty of Rs 5,00,500 based on the current guideline value.

Where is the Sub Registrar Office for Vanniyar Street located?

The Sub Registrar Office for Vanniyar Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Vanniyar Street?

Vanniyar Street is classified as Residential Special Type - I, which is relevant for understanding its guideline value and property use regulations.