Guideline Value for Vengeeswarar Nagar 2nd Street

Vengeeswarar Nagar 2nd Street guideline value

The current guideline value of Vengeeswarar Nagar 2nd Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Vengeeswarar Nagar 2nd Street has changed

The guideline value for Vengeeswarar Nagar 2nd Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,210 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012. However, this value dropped by 33% to Rs 3,685 per sq.ft in 2017. The following revision in 2023 raised the value to Rs 5,500 per sq.ft, and the most recent revision in 2024 has increased it further to Rs 6,000 per sq.ft, marking a 9% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 396%. It is important to note that there are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Kodambakkam

In Kodambakkam, there are 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 in this area is Rs 4,900 per sq.ft, placing Vengeeswarar Nagar 2nd Street's 2024 figure above that median.

• Vengeeswarar Nagar 2nd Cross Street: Rs 6,000 per sq.ft (2024)
• Vengeeswarar Nagar 3rd Cross Street: Rs 6,000 per sq.ft (2024)
• Vengeeswarar Nagar 1st Main Road: Rs 6,000 per sq.ft (2024)
• Vengeeswarar Nagar 3rd Street: Rs 6,000 per sq.ft (2024)
• Vengeeswarar Nagar 1st Cross Street: Rs 6,000 per sq.ft (2024)
• Venkatachalam Street Block 82 (JPT): Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Vengeeswarar Nagar 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 6,000 per sq.ft, the guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total to Rs 5,40,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vengeeswarar Nagar 2nd Street?

The Sub Registrar Office that covers Vengeeswarar Nagar 2nd Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees payable during the sale or purchase of property. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vengeeswarar Nagar 2nd Street?

The current guideline value of Vengeeswarar Nagar 2nd Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,210 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, representing an overall increase of 396%.

What is the land classification for Vengeeswarar Nagar 2nd Street?

The land classification for Vengeeswarar Nagar 2nd Street is Residential Class II Type - III.

Which Sub Registrar Office is responsible for Vengeeswarar Nagar 2nd Street?

The Ashok Nagar Sub Registrar Office is responsible for Vengeeswarar Nagar 2nd Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 60,00,000 would incur a stamp duty of Rs 4,20,000 at a rate of 7%.