Guideline Value for Vijaya Nagar 1st Cross Street

Vijaya Nagar 1st Cross Street guideline value

The current guideline value of Vijaya Nagar 1st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vijaya Nagar 1st Cross Street has changed

Since the 2007 revision, the guideline value has seen significant changes. In 2007, the value was Rs 500 per sq.ft, which increased to Rs 3,500 per sq.ft in 2012, marking a substantial rise of 600%. However, the value dropped to Rs 2,345 per sq.ft in 2017, reflecting a decrease of 33%. The latest revision in 2024 has brought the value back up to Rs 3,850 per sq.ft, representing an increase of 64% from the 2017 figure.

It is important to note that the register has no figures for the years 2002, 2003, and 2023 for this street. Overall, from 2007 to 2024, the guideline value has increased by 670%.

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 1st Cross Street.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total fees together to 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.

To calculate your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vijaya Nagar 1st Cross Street?

The Vijaya Nagar 1st Cross Street falls under the jurisdiction of 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 in the registration process for property transactions in Valasaravakkam. It serves as the basis for calculating the stamp duty and registration fees, which must be paid during the registration of any property sale.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions as determined by the Registration Department. This helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of Vijaya Nagar 1st Cross Street?

The current guideline value of Vijaya Nagar 1st Cross 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 500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 670% over this period.

What is the registration office for Vijaya Nagar 1st Cross Street?

The registration office for Vijaya Nagar 1st Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the stamp duty and registration fees based on the guideline value?

For a property valued at Rs 38,50,000, the stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500.

Are there other streets with the same guideline value in Valasaravakkam?

Yes, there are several other streets in Valasaravakkam that share the same guideline value of Rs 3,850 per sq.ft for 2024, including Vijaya Nagar 1st Street, Vijaya Nagar 2nd Cross Street, and others.