Guideline Value for Vengeeswarar Nagar 1st Cross Street

Vengeeswarar Nagar 1st Cross Street guideline value

The current guideline value of Vengeeswarar Nagar 1st Cross 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 1st Cross Street has changed

The guideline value for Vengeeswarar Nagar 1st Cross Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,210 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012. However, it then decreased to Rs 3,685 per sq.ft in 2017. The value rose again to Rs 5,500 per sq.ft in 2023 before reaching the current rate of Rs 6,000 per sq.ft in 2024.

Between the revisions, the changes are notable. From 2007 to 2012, there was a substantial increase of 355%. However, from 2012 to 2017, the value decreased by 33%. The rise from 2017 to 2023 was 49%, followed by a 9% increase from 2023 to 2024. Overall, the guideline value has increased by 396% from 2007 to 2024.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value 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, placing Vengeeswarar Nagar 1st Cross Street above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total 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 fees together to Rs 5,40,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vengeeswarar Nagar 1st Cross Street?

The Sub Registrar Office that covers Vengeeswarar Nagar 1st Cross Street 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

The guideline value is an essential factor in property transactions in Kodambakkam. It serves as the minimum value for which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees based on this value.

When buying or selling property, it is crucial to be aware of the guideline value as it impacts the overall cost of the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid potential legal issues during registration.

Frequently asked questions

What is the current guideline value of Vengeeswarar Nagar 1st Cross Street?

The current guideline value of Vengeeswarar Nagar 1st Cross 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 from Rs 1,210 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 396% over the years.

What is the land classification for Vengeeswarar Nagar 1st Cross Street?

The land classification for Vengeeswarar Nagar 1st Cross Street is Residential Class II Type - III.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees amount to Rs 5,40,000.

Where is the Sub Registrar Office for Vengeeswarar Nagar 1st Cross Street located?

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