Guideline Value for Vayu Puthira Street

Vayu Puthira Street guideline value

The current guideline value of Vayu Puthira Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Vayu Puthira Street has changed

The guideline value for Vayu Puthira Street has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 322 per sq.ft. This increased to Rs 357 per sq.ft in 2003, marking an 11% rise. The value saw another significant increase in 2007, reaching Rs 750 per sq.ft, which was a 110% increase from the previous revision. In 2012, the guideline value was Rs 4,000 per sq.ft, reflecting a substantial increase of 433% from 2007. However, in 2017, it dropped to Rs 2,680 per sq.ft, a decrease of 33%. The value then rose to Rs 4,000 per sq.ft in 2023, before reaching the current value of Rs 4,400 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1266%. The revisions from 2017 to 2023 and from 2012 to 2017 illustrate significant fluctuations, with the former showing a 49% increase and the latter indicating a decrease.

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 guideline value for these streets is Rs 4,400 per sq.ft, which is equal to the current value of Vayu Puthira Street.

• 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)
• Vanniyar Street West: Rs 4,400 per sq.ft (2024)
• Vanniyar Street East: Rs 4,400 per sq.ft (2024)
• Vanniyar Street: Rs 7,150 per sq.ft (2024)

Stamp duty and registration fee for property in Vayu Puthira Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vayu Puthira Street?

The Sub Registrar Office that covers Vayu Puthira 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 information.

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

The guideline value is a crucial factor during the registration of property transactions in Virugambakkam. It serves as the benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on the official valuation of the property.

When buying or selling property, the guideline value helps in determining the legal obligations regarding taxes. It is essential for both buyers and sellers to be aware of this value to ensure compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of Vayu Puthira Street?

The current guideline value of Vayu Puthira Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with an overall increase of 1266% from 2002 to 2024. The most recent revision in 2024 saw a 10% increase from the previous year.

What is the land classification for Vayu Puthira Street?

Vayu Puthira Street is classified as Residential Class III Type - I, indicating its zoning for residential purposes.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office located for Vayu Puthira Street?

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