Guideline Value for Vijaya Nagar 3rd Street

Vijaya Nagar 3rd Street guideline value

The current guideline value of Vijaya Nagar 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Vijaya Nagar 3rd Street has changed

The guideline value for Vijaya Nagar 3rd Street has undergone several revisions over the years. Starting from Rs 270 per sq.ft in 2002, it increased to Rs 294 per sq.ft in 2003, marking a 9% rise. Following that, the value surged significantly to Rs 500 per sq.ft in 2007, which was a 70% increase. The next revision in 2012 saw a substantial jump to Rs 3,500 per sq.ft, reflecting a remarkable 600% increase. However, from 2012 to 2017, the value decreased to Rs 2,345 per sq.ft, a decline of 33%.

In the most recent revision, the guideline value rose to Rs 3,850 per sq.ft in 2024, showing a significant increase of 64% from the 2017 figure. Overall, from 2002 to 2024, the guideline value has increased by 1326%. It is important to note that the register has no figure for this street in 2023.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, which is equal to the guideline value of Vijaya Nagar 3rd Street.

• Vijaya Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Vijaya Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Vijaya Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Vijaya Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Vijaya Nagar 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Vishalatchi Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Vijaya Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, making the total cost for these fees Rs 3,46,500. 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 details.

Which Sub Registrar Office covers Vijaya Nagar 3rd Street?

The Sub Registrar Office that covers Vijaya Nagar 3rd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Valasaravakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this valuation.

When buying or selling property, the guideline value serves as a reference point for both buyers and sellers. It is essential to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Vijaya Nagar 3rd Street?

The current guideline value of Vijaya Nagar 3rd Street is Rs 3,850 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 270 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 1326% over this period.

What is the land classification for Vijaya Nagar 3rd Street?

The land classification for Vijaya Nagar 3rd Street is Residential Class II Type - I.

Where can I find the Sub Registrar Office for Vijaya Nagar 3rd Street?

The Sub Registrar Office for Vijaya Nagar 3rd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How do stamp duty and registration fees work for properties in this area?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000.