Guideline Value for Vignesh Avenue (Vignesh Nagar)

Vignesh Avenue (Vignesh Nagar) guideline value

The current guideline value of Vignesh Avenue (Vignesh Nagar) is Rs 400 per sq.ft, effective from 1 July 2024. This street is located in Somangalam village, under the Sriperumpudur SRO, and is classified as Residential Special Type - I.

How the guideline value of Vignesh Avenue (Vignesh Nagar) has changed

The guideline value for Vignesh Avenue has seen several revisions over the years. In 2012, the guideline value was Rs 400 per sq.ft, which remained unchanged through the 2024 revision. However, between 2012 and 2017, there was a decrease to Rs 268 per sq.ft, followed by an increase to Rs 400 per sq.ft in the 2023 revision. The 2024 revision shows no change from the previous year's figure, maintaining the rate at Rs 400 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, there has been no change in the guideline value, remaining at Rs 400 per sq.ft. The revisions for the years 2002, 2003, and 2007 do not have figures recorded for this street.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value, ranging from Rs 150 to Rs 800 per sq.ft. The median guideline value for these streets is Rs 350 per sq.ft, making the 2024 figure for Vignesh Avenue above the median.

• Vikram Colony: Rs 350 per sq.ft (2024)
• Vanavil Shiva Garden: Rs 400 per sq.ft (2024)
• Thoiba Garden - II: Rs 250 per sq.ft (2024)
• Thoiba Garden I: Rs 250 per sq.ft (2024)
• Thoiba Garden: Rs 250 per sq.ft (2024)
• Thiruvallur Road: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Vignesh Avenue (Vignesh Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, totaling Rs 36,000 for the transaction. 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 Vignesh Avenue (Vignesh Nagar)?

The Sub Registrar Office that covers Vignesh Avenue (Vignesh Nagar) is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Somangalam. It serves as a benchmark for determining the stamp duty and registration fees when buying or selling property. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When registering a property, the guideline value helps to establish a fair transaction amount for taxation purposes. It is essential for both parties to understand the implications of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vignesh Avenue (Vignesh Nagar)?

The current guideline value of Vignesh Avenue (Vignesh Nagar) is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 400 per sq.ft since 2012, with a notable increase from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2023. The 2024 revision shows no change from the previous year.

What is the classification of land in Vignesh Avenue (Vignesh Nagar)?

The land classification for Vignesh Avenue (Vignesh Nagar) is Residential Special Type - I.

Where can I find the Sub Registrar Office for Vignesh Avenue (Vignesh Nagar)?

The Sub Registrar Office for Vignesh Avenue (Vignesh Nagar) is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated for properties in Somangalam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 4,00,000 would incur a stamp duty of Rs 28,000 at 7%.