Guideline Value for Vedachalam Avenue

Vedachalam Avenue guideline value

The current guideline value of Vedachalam Avenue is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village under the Ashok Nagar Sub Registrar Office (SRO). The land classification for this area is Residential Class III Type - II.

How the guideline value of Vedachalam Avenue has changed

Over the years, the guideline value of Vedachalam Avenue has seen several revisions. In 2007, the guideline value was Rs 1,210 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012, marking a rise of 272%. However, it then decreased to Rs 3,015 per sq.ft in 2017, representing a drop of 33%. The value continued to rise, reaching Rs 4,500 per sq.ft in 2023, and then increased to Rs 4,900 per sq.ft in the 2024 revision, reflecting a change of 9% from the previous year. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 305%, showcasing the fluctuations in property valuation over the years.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, which is the same as the current guideline value for Vedachalam Avenue.

• Vedachalam Nagar 1st Street: Rs 4,900 per sq.ft (2024)
• Vedachalam Nagar 2nd Street: Rs 4,900 per sq.ft (2024)
• Vedachalam Nagar 3rd Street: Rs 4,900 per sq.ft (2024)
• Vedachalam Nagar 4th Street: Rs 4,900 per sq.ft (2024)
• Vedachalam Nagar 5th Street: Rs 4,900 per sq.ft (2024)
• Vedachalam Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Vedachalam Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, while the registration fee at 2% would be Rs 98,000. Together, the total cost for stamp duty and registration fee would be Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vedachalam Avenue?

The Sub Registrar Office that covers Vedachalam Avenue is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office. You can find your SRO for more information.

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

When buying or selling property in Kodambakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty. Buyers must pay these fees based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is recorded accurately in the government registry.

It is essential for both buyers and sellers to be aware of the current guideline value, as it impacts the overall cost of property transactions. Understanding the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Vedachalam Avenue?

The current guideline value of Vedachalam Avenue is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 1,210 per sq.ft in 2007 and reaching Rs 4,900 per sq.ft in 2024, showing an overall increase of 305% since 2007.

What is the land classification for Vedachalam Avenue?

Vedachalam Avenue is classified as Residential Class III Type - II, indicating its suitability for residential purposes.

Where is the Ashok Nagar Sub Registrar Office located?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office.

How is the stamp duty calculated for property in Vedachalam Avenue?

Stamp duty for property in Vedachalam Avenue is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000.