Guideline Value for Vasuki Street

Vasuki Street guideline value

The current guideline value of Vasuki Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Vasuki Street has changed

The guideline value of Vasuki Street has seen several revisions over the years. In 2002, the value was Rs 105 per sq.ft, which increased to Rs 130 per sq.ft in 2003. By 2007, the value had risen significantly to Rs 400 per sq.ft, reflecting a growth of 275%. The 2012 revision set the value at Rs 1,500 per sq.ft, a decrease of 33% from the previous revision. In 2017, the value increased to Rs 1,005 per sq.ft, and then in 2023, it further rose to Rs 1,500 per sq.ft. The latest revision in 2024 has set the guideline value at Rs 1,650 per sq.ft, marking a 10% increase from 2023.

Overall, from 2002 to 2024, the guideline value has increased by 1,471%. There are no figures available for the revisions in the years not listed above for this street.

Guideline values in Tambaram

In Tambaram village, there are 360 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Vasuki Street's 2024 figure below that median.

• Vasuki Street Ext Balaji Nagar Annex: Rs 1,650 per sq.ft (2024)
• Vasantham nagar Ext: Rs 1,320 per sq.ft (2024)
• Vasantham nagar: Rs 2,200 per sq.ft (2024)
• Vanilarasu Street: Rs 4,400 per sq.ft (2024)
• Veluchetty Street: Rs 2,200 per sq.ft (2024)
• Venkatesachowdry St: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Vasuki Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000, bringing the total fees to Rs 1,48,500. It is important to note that the 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 Vasuki Street?

The Sub Registrar Office that covers Vasuki Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, Chengalpattu registration zone. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vasuki Street?

The current guideline value of Vasuki Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 105 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 1,471% over this period.

What is the land classification for Vasuki Street?

Vasuki Street is classified as Residential Class I Type - III, which indicates its suitability for residential development.

Where is the Sub Registrar Office for Vasuki Street located?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Vasuki Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500.