Guideline Value for Vasantha Garden 2nd Lane

Vasantha Garden 2nd Lane guideline value

The current guideline value for Vasantha Garden 2nd Lane in Chinna Sembaram Bakkam village is Rs 1,400 per sq.ft, effective from 1 July 2024. This area falls under the Sembiam Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of Vasantha Garden 2nd Lane has changed

The guideline value for Vasantha Garden 2nd Lane has seen several revisions over the years. In 2003, the value was Rs 375 per sq.ft, which increased to Rs 600 per sq.ft in 2007, marking a significant rise of 60%. The value then jumped dramatically to Rs 1,300 per sq.ft in 2012, reflecting a 117% increase. However, it decreased to Rs 871 per sq.ft in 2017, a decline of 33%. The 2023 revision set the value at Rs 1,300 per sq.ft, and the most recent revision in 2024 has raised it to Rs 1,400 per sq.ft, an increase of 8%.

Overall, from 2003 to 2024, the guideline value has increased by 273%. It is important to note that the register has no figure for this street for the year 2002.

Guideline values in Chinna Sembaram Bakkam

In Chinna Sembaram Bakkam, there are 37 streets under the Sembiam SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 2,700 per sq.ft, with a median value of Rs 1,400 per sq.ft. Vasantha Garden 2nd Lane's 2024 guideline value aligns with this median.

• Vasantha Garden 1st Street: Rs 1,400 per sq.ft (2024)
• Vasantha Garden 2nd Street: Rs 1,400 per sq.ft (2024)
• Vasantha Garden 1st Lane: Rs 1,400 per sq.ft (2024)
• Vasantha Garden 3rd Street: Rs 1,400 per sq.ft (2024)
• Vasantha Garden 4th Street: Rs 1,400 per sq.ft (2024)
• Vasantha Garden Main Road: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vasantha Garden 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,400 per sq.ft, the total guideline value would be Rs 14,00,000. The stamp duty at 7% would amount to Rs 98,000, and the registration fee at 2% would be Rs 28,000, bringing the total fees to Rs 1,26,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vasantha Garden 2nd Lane?

The Vasantha Garden 2nd Lane falls under the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Chinna Sembaram Bakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Chinna Sembaram Bakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Vasantha Garden 2nd Lane?

The current guideline value for Vasantha Garden 2nd Lane is Rs 1,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 375 per sq.ft in 2003 to Rs 1,400 per sq.ft in 2024, showing an overall increase of 273% over that period.

What is the land classification for Vasantha Garden 2nd Lane?

Vasantha Garden 2nd Lane is classified as Residential Class II Type - I.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Vasantha Garden 2nd Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 14,00,000, the stamp duty would be Rs 98,000 at a rate of 7%.