Guideline Value for Vignesh Nagar, Vinayagapuram (Ward-29)

Vignesh Nagar, Vinayagapuram (Ward-29) guideline value

The current guideline value of Vignesh Nagar, Vinayagapuram (Ward-29) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is classified under Residential Class II Type - I and falls under the Madhavaram Sub Registrar Office (SRO) in Chennai zone.

How the guideline value of Vignesh Nagar, Vinayagapuram (Ward-29) has changed

The guideline value for Vignesh Nagar has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in 2017. However, from 2017 to 2024, the guideline value increased significantly by 59% to reach the current rate of Rs 1,600 per sq.ft. There are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street.

Overall, when comparing the values from 2012 to 2024, there has been a slight increase of 7%. The fluctuations in the guideline value reflect changes in the local real estate landscape, with the most notable increase occurring between 2017 and 2024.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value across these streets is Rs 1,600 per sq.ft, which aligns with the guideline value of Vignesh Nagar.

• Vignesh Nagar (Ward-29): Rs 1,600 per sq.ft (2024)
• Vignesh Apartments, MRH Road (Ward-10): Rs 2,200 per sq.ft (2024)
• Vidya Nagar, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Vidya Nagar: Rs 2,700 per sq.ft (2024)
• Victory Field (Ward-18): Rs 1,300 per sq.ft (2024)
• Victory Fields Santham Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vignesh Nagar, Vinayagapuram (Ward-29)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vignesh Nagar, Vinayagapuram (Ward-29)?

The Vignesh Nagar, Vinayagapuram (Ward-29) falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Madhavaram. 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 costs that must be paid to the government during the registration process. This helps in maintaining a standardized approach to property valuation in the region.

Frequently asked questions

What is the current guideline value of Vignesh Nagar?

The current guideline value of Vignesh Nagar, Vinayagapuram (Ward-29) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,600 per sq.ft in 2024.

What is the land classification of Vignesh Nagar?

Vignesh Nagar is classified under Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Vignesh Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at 7%.