Guideline Value for Vijayalakshmi Nagar 1st Cross Street

Vijayalakshmi Nagar 1st Cross Street guideline value

The current guideline value of Vijayalakshmi Nagar 1st Cross Street is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

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

The guideline value for Vijayalakshmi Nagar 1st Cross Street has seen several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,206 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 1,800 per sq.ft, marking a 49% rise. The most recent revision in 2024 set the guideline value at Rs 1,900 per sq.ft, reflecting a 6% increase from the previous year.

There are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 27%.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Vijayalakshmi Nagar 1st Cross Street is below this median.

• Vijayalakshmi Nagar 1st Street: Rs 1,900 per sq.ft (2024)
• Vijayalakshmi Nagar 2nd Street: Rs 1,900 per sq.ft (2024)
• Vijayalakshmi Nagar 3rd Street: Rs 1,900 per sq.ft (2024)
• Vijayalakshmi Nagar Main Road: Rs 1,900 per sq.ft (2024)
• Vedhantha Murugar Naicken Street: Rs 2,200 per sq.ft (2024)
• Vedhantha Murugappan Salai (Othavadai Street): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to Rs 1,33,000, while the registration fee at 2% would be Rs 38,000. Together, the total cost for stamp duty and registration would be Rs 1,71,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

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

The Vijayalakshmi Nagar 1st Cross Street falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process for property transactions in Selavoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and reflects the current market conditions as per the official register. This helps in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

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

The current guideline value of Vijayalakshmi Nagar 1st Cross Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,900 per sq.ft in 2024, marking an overall increase of 27% over this period.

What are the other streets in Selavoyal with similar guideline values?

Other streets in Selavoyal with a guideline value of Rs 1,900 per sq.ft include Vijayalakshmi Nagar 1st Street, Vijayalakshmi Nagar 2nd Street, Vijayalakshmi Nagar 3rd Street, and Vijayalakshmi Nagar Main Road.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 19,00,000, the stamp duty would be Rs 1,33,000 and the registration fee would be Rs 38,000, totaling Rs 1,71,000.

Which office handles registrations for Vijayalakshmi Nagar 1st Cross Street?

The Madhavaram Sub Registrar Office handles registrations for Vijayalakshmi Nagar 1st Cross Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.