Guideline Value for Vengambakkam Road

Vengambakkam Road guideline value

The current guideline value of Vengambakkam Road is Rs 1,300 per sq.ft, effective from 1 July 2024. This road is located in Madambakkam village under the Selaiyur SRO, classified as Residential Class II Type - II.

How the guideline value of Vengambakkam Road has changed

Over the years, the guideline value of Vengambakkam Road has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following that, the 2023 revision increased the value to Rs 1,200 per sq.ft. The most recent 2024 revision has further increased the value to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

When looking at the changes between the revisions, the 2017 to 2023 period saw a significant increase of 49%. However, the transition from 2012 to 2017 reflected a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 8%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft as of 2024. The median value for these streets is Rs 2,400 per sq.ft, placing Vengambakkam Road's current guideline value below that median.

• Vengaivasal Main Road: Rs 2,200 per sq.ft (2024)
• Velan Nagar: Rs 1,300 per sq.ft (2024)
• Vayal Veli Street: Rs 1,300 per sq.ft (2024)
• Valter Devaraj Street: Rs 1,600 per sq.ft (2024)
• Vinayagar Koil Street: Rs 1,100 per sq.ft (2024)
• Unnamalai Nagar Road: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Vengambakkam Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vengambakkam Road?

The Vengambakkam Road falls under the jurisdiction of the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Madambakkam. It is used to determine the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

When a property is sold, the guideline value is considered to assess the transaction value for taxation purposes. This value ensures that the government receives appropriate revenue from property transactions, reflecting the value of the property in the local market.

Frequently asked questions

What is the current guideline value of Vengambakkam Road?

The current guideline value of Vengambakkam Road is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024. It was Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012.

What is the land classification for Vengambakkam Road?

Vengambakkam Road is classified as Residential Class II Type - II.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Vengambakkam Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 at the rate of 7%.