Guideline Value for Vasantha Nagar

Vasantha Nagar guideline value

The current guideline value of Vasantha Nagar, located in Satthankadu village under the Thiruvottiyur SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Vasantha Nagar has changed

The guideline value for Vasantha Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 483 per sq.ft, which increased to Rs 559 per sq.ft in 2003. Following this, the value rose to Rs 1,000 per sq.ft in 2007, marking an increase of 79%. The 2012 revision saw the value remain at Rs 3,600 per sq.ft, but this was a decrease of 33% from the previous figure. In 2017, the value increased to Rs 2,412 per sq.ft, and by 2023, it had risen to Rs 3,600 per sq.ft. The latest revision in 2024 set the guideline value at Rs 3,900 per sq.ft, reflecting an 8% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 707%. There are no figures available for the revisions in years other than those listed above.

Guideline values in Satthankadu

In Satthankadu, there are 71 streets under the Thiruvottiyur SRO, with guideline values ranging from Rs 2,200 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 3,400 per sq.ft, positioning Vasantha Nagar's 2024 figure above this median.

• Varadharajan street: Rs 2,800 per sq.ft (2024)
• Vanniyar Street: Rs 2,800 per sq.ft (2024)
• Veera raghavan street: Rs 3,400 per sq.ft (2024)
• Upparapalayam Streets: Rs 3,400 per sq.ft (2024)
• Udayasooriyan Street: Rs 3,400 per sq.ft (2024)
• Udayasooriyan Link Road: Rs 3,400 per sq.ft (2024)

Stamp duty and registration fee for property in Vasantha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, making the total cost for these fees Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vasantha Nagar?

The Sub Registrar Office covering Vasantha Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration of property transactions in Satthankadu. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, which are calculated based on the higher of the guideline value or the sale price.

It is crucial for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial obligations during the registration process. Ensuring that the correct guideline value is applied helps in avoiding any discrepancies during property transactions.

Frequently asked questions

What is the current guideline value of Vasantha Nagar?

The current guideline value of Vasantha Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 483 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, marking an overall increase of 707% over this period.

What is the land classification for Vasantha Nagar?

Vasantha Nagar is classified as Residential Special Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property in Vasantha Nagar?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 3,51,000.

Which office handles property registrations for Vasantha Nagar?

The Thiruvottiyur Sub Registrar Office handles property registrations for Vasantha Nagar, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.