Guideline Value for Vijay Sri Avenue

Vijay Sri Avenue guideline value

The current guideline value of Vijay Sri Avenue is Rs 990 per sq.ft, effective from 1 July 2024. This street is located in Padappai village, under the Padappai Sub Registrar Office (SRO) jurisdiction, and is classified as Residential Class II Type - I.

How the guideline value of Vijay Sri Avenue has changed

The guideline value for Vijay Sri Avenue has seen several revisions over the years. In 2012, the value was Rs 900 per sq.ft, which then decreased to Rs 603 per sq.ft in 2017. Following this, the value increased significantly to Rs 900 per sq.ft in 2023, and most recently, it has risen to Rs 990 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

When looking at the changes, the rise from 2017 to 2023 was a substantial 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft, with a median value of Rs 830 per sq.ft. The guideline value of Vijay Sri Avenue is above this median, indicating a relatively higher valuation compared to many other streets in the area.

• Vinayaga Nagar: Rs 830 per sq.ft (2024)
• Vishnu Nagar: Rs 830 per sq.ft (2024)
• Venkateswara Nagar: Rs 1,320 per sq.ft (2024)
• Vedhachalam Nagar: Rs 1,320 per sq.ft (2024)
• Vedavinayagar Koil Street: Rs 830 per sq.ft (2024)
• Vandalur - Walajabad Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vijay Sri Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, leading to a total cost of Rs 89,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vijay Sri Avenue?

The Vijay Sri Avenue falls under the jurisdiction of the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Padappai. It is used to determine the stamp duty and registration fees, which must be paid at the time of registration.

When a property transaction occurs, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Vijay Sri Avenue?

The current guideline value of Vijay Sri Avenue is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then increased to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification of Vijay Sri Avenue?

Vijay Sri Avenue is classified as Residential Class II Type - I.

What are the other streets in Padappai and their guideline values?

Other streets in Padappai include Vinayaga Nagar and Vishnu Nagar at Rs 830 per sq.ft, Venkateswara Nagar and Vedhachalam Nagar at Rs 1,320 per sq.ft, and Vandalur - Walajabad Road at Rs 3,300 per sq.ft.

How is stamp duty calculated for properties in Vijay Sri Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at Rs 990 per sq.ft, the total guideline value would be Rs 9,90,000, leading to a stamp duty of Rs 69,300.