Guideline Value for Vignesh Avenue, Ramurthy Nagar,

Vignesh Avenue, Ramurthy Nagar, guideline value

The current guideline value of Vignesh Avenue, Ramurthy Nagar, is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Madipakkam-1 village and is classified as Residential Class I Type - III within the Velacheri SRO.

How the guideline value of Vignesh Avenue, Ramurthy Nagar, has changed

In the 2017 revision, the guideline value was Rs 1,675 per sq.ft. With the latest revision in 2024, the value has increased to Rs 2,750 per sq.ft, marking a significant change of +64%. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

Thus, the only revisions that provide figures for Vignesh Avenue are from 2017 and 2024. The increase in guideline value reflects the changes made in the 2024 revision, which brought it in line with the median value of Rs 2,750 per sq.ft for other streets in Madipakkam-1.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which is equal to the guideline value of Vignesh Avenue.

• Vidhyasurabi School Street: Rs 2,200 per sq.ft (2024)
• Vidhya Nagar: Rs 2,750 per sq.ft (2024)
• Vijaya Nagar Ponniamman Koil Street: Rs 2,200 per sq.ft (2024)
• Vijay Avenue: Rs 2,200 per sq.ft (2024)
• Venugopal Street: Rs 2,200 per sq.ft (2024)
• Vishaal Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vignesh Avenue, Ramurthy Nagar,

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. 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 details.

Which Sub Registrar Office covers Vignesh Avenue, Ramurthy Nagar,?

The Sub Registrar Office that covers Vignesh Avenue, Ramurthy Nagar, is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Vignesh Avenue, Ramurthy Nagar?

The current guideline value of Vignesh Avenue, Ramurthy Nagar, is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, which is a change of +64%.

What are the other streets in Madipakkam-1 and their guideline values?

Other streets in Madipakkam-1 include Vidhyasurabi School Street at Rs 2,200 per sq.ft, Vidhya Nagar at Rs 2,750 per sq.ft, and several others at Rs 2,200 per sq.ft.

How is stamp duty calculated for properties in Vignesh Avenue?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% on the guideline value.

Which office handles property registrations for Vignesh Avenue?

The Velacheri Sub Registrar Office handles property registrations for Vignesh Avenue, Ramurthy Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.