Guideline Value for Vijaya nagar 2nd Street

Vijaya nagar 2nd Street guideline value

The current guideline value of Vijaya nagar 2nd 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 2nd Street has changed

The guideline value for Vijaya nagar 2nd Street has seen 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. The value then surged significantly to Rs 500 per sq.ft in 2007, a 600% increase. However, it dropped to Rs 3,500 per sq.ft in 2012, reflecting a 33% decrease. The value then rose again to Rs 2,345 per sq.ft in 2017, before reaching the current figure of Rs 3,850 per sq.ft in 2024, which is a 64% increase from 2017.

It is important to note that there is no figure for the year 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1326%.

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 guideline value is Rs 3,850 per sq.ft, which is equal to the current guideline value of Vijaya nagar 2nd Street.

• Vijaya Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Vijaya Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Vijaya nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Vijaya Nagar 4th 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 2nd 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, bringing the total charges to Rs 3,46,500. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Vijaya nagar 2nd Street?

The Vijaya nagar 2nd Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty payable. Buyers must be aware that the duty is charged on the higher of the guideline value or the sale price, which may affect the total cost involved in the transaction.

Frequently asked questions

What is the current guideline value of Vijaya nagar 2nd Street?

The current guideline value of Vijaya nagar 2nd 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%.

What is the land classification for Vijaya nagar 2nd Street?

Vijaya nagar 2nd Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Vijaya nagar 2nd Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price during the registration process. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at 7%.