Guideline Value for Vijayalakshmi Puram Second Street

Vijayalakshmi Puram Second Street guideline value

The current guideline value of Vijayalakshmi Puram Second Street is Rs 2,400 per sq.ft. This street is located in Malligaicherry village, under the jurisdiction of the Konnur SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Vijayalakshmi Puram Second Street has changed

The guideline value for Vijayalakshmi Puram Second Street has undergone several revisions over the years. In 2002, the guideline value was Rs 408 per sq.ft, which increased to Rs 441 per sq.ft in 2003. Following this, there was a significant rise to Rs 800 per sq.ft in 2007, and the value further increased to Rs 2,250 per sq.ft in 2012. However, it saw a decrease to Rs 1,507 per sq.ft in 2017. The value then rose to Rs 2,250 per sq.ft in 2023, before reaching the current value of Rs 2,400 per sq.ft in 2024.

Examining the changes between these revisions, we see that from 2017 to 2023, there was a notable increase of 49%. The period from 2012 to 2017 saw a decrease of 33%. In contrast, from 2007 to 2012, the value increased by 181%. The increase from 2003 to 2007 was 81%, and from 2002 to 2003, it rose by 8%. 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 have a guideline value for 2024, ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value is Rs 2,400 per sq.ft, which is the same as the guideline value for Vijayalakshmi Puram Second Street.

• Vijayalakshmi Puram First Street: Rs 2,400 per sq.ft (2024)
• Vijayalakshmi Puram: 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 Second Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty, calculated at 7%, would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total fees to Rs 2,16,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vijayalakshmi Puram Second Street?

The Vijayalakshmi Puram Second Street is covered by the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Malligaicherry. 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 helps both parties to understand the fair value of the property. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to set a realistic price based on this value.

Frequently asked questions

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

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

What is the land classification for Vijayalakshmi Puram Second Street?

The land classification for Vijayalakshmi Puram Second Street is Residential Class II Type - I.

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

The Sub Registrar Office covering Vijayalakshmi Puram Second Street is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is stamp duty calculated in Vijayalakshmi Puram Second Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 1,68,000.