Guideline Value for Vijayalakshmi Puram First Street

Vijayalakshmi Puram First Street guideline value

The current guideline value of Vijayalakshmi Puram First Street is Rs 2,400 per sq.ft. This street is located in Malligaicherry village, under the Konnur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vijayalakshmi Puram First Street has changed

The guideline value for Vijayalakshmi Puram First Street has seen several revisions over the years. In 2002, the guideline value was Rs 408 per sq.ft. This increased to Rs 441 per sq.ft in 2003, followed by a significant rise to Rs 800 per sq.ft in 2007. The value then jumped to Rs 2,250 per sq.ft in 2012, but saw a decrease to Rs 1,507 per sq.ft in 2017. The value rose again to Rs 2,250 per sq.ft in 2023, and as of the 2024 revision, it is now Rs 2,400 per sq.ft.

Between the revisions, the changes are notable. From 2002 to 2003, there was an increase of 8%. The value then rose by 81% from 2003 to 2007, followed by a substantial increase of 181% from 2007 to 2012. However, from 2012 to 2017, the value decreased by 33%. After this, there was a significant rise of 49% from 2017 to 2023, and finally, the value increased by 7% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 488%.

Guideline values in Malligaicherry

In Malligaicherry, there are 49 streets under the Konnur SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, which is equal to the guideline value of Vijayalakshmi Puram First Street.

• Vijayalakshmi Puram: Rs 2,400 per sq.ft (2024)
• Vijayalakshmi Puram Second Street: Rs 2,400 per sq.ft (2024)
• Welcome Colony: Rs 2,400 per sq.ft (2024)
• Vadakku Thirumalai Nagar Second Lane: Rs 2,750 per sq.ft (2024)
• Vadakku Thirumalai Nagar First Lane: Rs 2,750 per sq.ft (2024)
• Vadakku Thirumalai Nagar 3rd to 6th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi Puram First Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total to Rs 2,16,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vijayalakshmi Puram First Street?

The Vijayalakshmi Puram First Street falls under the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Malligaicherry. It serves as a basis for calculating the stamp duty and registration fees that buyers must pay at the time of registration.

When a property is bought or sold, the guideline value ensures that the transaction is recorded at a fair value, aligning with the local market standards. It is crucial for both buyers and sellers to be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Puram First Street?

The current guideline value of Vijayalakshmi Puram First Street is Rs 2,400 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 408 per sq.ft in 2002 to Rs 2,400 per sq.ft in 2024, reflecting an overall increase of 488% over this period.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 24,00,000, the stamp duty would be Rs 1,68,000 and the registration fee would be Rs 48,000, totaling Rs 2,16,000.

Where can I find the Sub Registrar Office for Vijayalakshmi Puram First Street?

The Konnur Sub Registrar Office covers Vijayalakshmi Puram First Street, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What is the land classification of Vijayalakshmi Puram First Street?

Vijayalakshmi Puram First Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.