Guideline Value for Vignesh Nagar

Vignesh Nagar guideline value

The current guideline value of Vignesh Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is part of Thirumullaivoyal village, which falls under the Ambattur SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Vignesh Nagar has changed

The guideline value for Vignesh Nagar has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 132 per sq.ft. This increased to Rs 160 per sq.ft in 2003, marking a 21% rise. The next significant jump occurred in 2007, where the value rose to Rs 200 per sq.ft, a 25% increase. Following this, the 2012 revision set the value at Rs 1,500 per sq.ft, reflecting a substantial increase of 650% from the previous figure. However, there was a decrease to Rs 1,005 per sq.ft in 2017, which represented a 33% decline.

In the subsequent revisions, the guideline value rose again, reaching Rs 1,500 per sq.ft in 2023, and then further increased to Rs 1,600 per sq.ft in 2024, which is a 7% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1112%.

Guideline values in Thirumullaivoyal

In Thirumullaivoyal, there are 975 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, indicating that Vignesh Nagar's 2024 guideline value is below this median.

• Victory Avenue: Rs 2,700 per sq.ft (2024)
• Victoria Nagar: Rs 1,600 per sq.ft (2024)
• Vijaya Lakshmi Avenue: Rs 2,700 per sq.ft (2024)
• Vijaya Lakshmi Nagar: Rs 2,400 per sq.ft (2024)
• VGN Stafford: Rs 2,700 per sq.ft (2024)
• Vinakayar Street(J.B.nagar): Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Vignesh Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, while the registration fee at 2% would be Rs 32,000. Together, the total cost for stamp duty and registration fee would be Rs 1,44,000. 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 Nagar?

The Sub Registrar Office that covers Vignesh Nagar is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur - 600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Thirumullaivoyal. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When a property transaction occurs, the guideline value is compared to the sale price to determine the applicable duty. The higher of the two values is used for calculating the stamp duty and registration fees, ensuring compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Vignesh Nagar?

The current guideline value of Vignesh Nagar 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 significantly from Rs 132 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 1112% over the years.

What is the land classification for Vignesh Nagar?

Vignesh Nagar is classified as Residential Class III Type - I, indicating its designated use for residential purposes.

What are the stamp duty rates for property in Vignesh Nagar?

The stamp duty rate for property transactions in Vignesh Nagar is 7%, based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Vignesh Nagar located?

The Sub Registrar Office covering Vignesh Nagar is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur - 600 053, Chennai registration zone.