Guideline Value for Vignesh Avenue

Vignesh Avenue guideline value

The current guideline value of Vignesh Avenue is Rs 1,200 per sq.ft, effective from the 2024 revision. This street is located in Madambakkam village under the Gooduvancheri SRO and is classified as Commercial Special Type - I.

How the guideline value of Vignesh Avenue has changed

The guideline value of Vignesh Avenue has seen several revisions over the years. The 2007 revision set the value at Rs 245 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in the 2012 revision. However, this value dropped to Rs 804 per sq.ft in the 2017 revision. From 2017 to 2023, the value remained stable at Rs 1,200 per sq.ft, reflecting a 49% increase from the previous revision. The current 2024 revision maintains this value at Rs 1,200 per sq.ft, showing no change from the 2023 revision.

It is important to note that the register does not have figures for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, there has been a substantial increase of 390% in the guideline value.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft. The median value is Rs 1,200 per sq.ft, which aligns with the guideline value of Vignesh Avenue.

• Vignesh Avenue Extn: Rs 1,200 per sq.ft (2024)
• Vijay Gopal Nagar: Rs 1,200 per sq.ft (2024)
• Vijay Nagar: Rs 1,200 per sq.ft (2024)
• Vimala nagar: Rs 800 per sq.ft (2024)
• Vettrivel Nagar: Rs 1,200 per sq.ft (2024)
• Vimal Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vignesh Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, bringing the total cost for these fees to Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vignesh Avenue?

The Sub Registrar Office that covers Vignesh Avenue is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

For more details, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring transparency in transactions.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of ownership. This ensures that both parties are aware of the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Vignesh Avenue?

The current guideline value of Vignesh Avenue is Rs 1,200 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 245 per sq.ft in 2007 to Rs 1,200 per sq.ft in 2012, then decreased to Rs 804 per sq.ft in 2017, and remained at Rs 1,200 per sq.ft from 2017 to 2024.

What is the land classification of Vignesh Avenue?

Vignesh Avenue is classified as Commercial Special Type - I, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for property in Vignesh Avenue?

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 12,00,000, with stamp duty at Rs 84,000 and registration fee at Rs 24,000, totaling Rs 1,08,000.

Which office handles registrations for Vignesh Avenue?

The Gooduvancheri Sub Registrar Office handles registrations for Vignesh Avenue, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.