Guideline Value for Vignesh Nagar

Vignesh Nagar guideline value

The current guideline value of Vignesh Nagar in Madanandapuram village, under the Kunrathur SRO, is Rs 3,190 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - III.

How the guideline value of Vignesh Nagar has changed

The guideline value for Vignesh Nagar has undergone several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 2,900 per sq.ft in 2012. However, it saw a decrease of 33% to Rs 1,943 per sq.ft in 2017. The value then rose sharply to Rs 2,900 per sq.ft in 2023, and currently stands at Rs 3,190 per sq.ft as per the 2024 revision, marking a 10% increase from the previous year.

Between 2007 and 2024, the overall increase in the guideline value is 698%. There are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Madanandapuram

In Madanandapuram, there are 94 streets under the Kunrathur SRO with a 2024 guideline value ranging from Rs 2,530 to Rs 5,830 per sq.ft. The median value for these streets is Rs 3,520 per sq.ft, placing Vignesh Nagar's current value below that median.

• Venkateswara Nagar: Rs 3,190 per sq.ft (2024)
• V.N.P. Avenue: Rs 3,520 per sq.ft (2024)
• V.N.T. Avenue: Rs 3,520 per sq.ft (2024)
• Venkatesan Nagar Annuxe: Rs 3,190 per sq.ft (2024)
• Venkatesan Nagar: Rs 3,190 per sq.ft (2024)
• Vasuki Nagar: Rs 3,520 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 3,190 per sq.ft, the total guideline value would be Rs 31,90,000. The stamp duty at 7% would amount to Rs 2,23,300, and the registration fee at 2% would be Rs 63,800. Together, these fees would total Rs 2,87,100. 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 detailed calculations.

Which Sub Registrar Office covers Vignesh Nagar?

The Sub Registrar Office that covers Vignesh Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is an essential reference point when registering property transactions in Madanandapuram. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in assessing the fair value of the property, ensuring transparency in the transaction process. Buyers and sellers should be aware of the current guideline value to make informed decisions 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 3,190 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 3,190 per sq.ft in 2024, reflecting an overall increase of 698% over this period.

What is the land classification for Vignesh Nagar?

Vignesh Nagar is classified as Residential Special Type - III, indicating its suitability for residential development.

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

For a property valued at Rs 31,90,000, the stamp duty would be Rs 2,23,300, and the registration fee would be Rs 63,800, totaling Rs 2,87,100.

Which office should I approach for registration in Vignesh Nagar?

The registration for properties in Vignesh Nagar should be done at the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.