Guideline Value for Vijayalakshmi Street

Vijayalakshmi Street guideline value

The current guideline value of Vijayalakshmi Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Vijayalakshmi Street has changed

The guideline value for Vijayalakshmi Street has seen several revisions over the years. In 2002, the guideline value was Rs 1,312 per sq.ft, which increased to Rs 3,000 per sq.ft in 2007, marking a 129% rise. By 2012, the value was Rs 7,000 per sq.ft, reflecting a significant increase of 133%. However, it then decreased by 33% to Rs 4,690 per sq.ft in 2017.

From 2017 to 2023, the guideline value rose by 49% to Rs 7,000 per sq.ft. The most recent revision in 2024 saw an increase of 10%, bringing the current value to Rs 7,700 per sq.ft. It is important to note that the register has no figure for the year 2003 for this street.

Guideline values in Nungambakkam

Nungambakkam has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Vijayalakshmi Street's current value below this median.

• Vidvan Sundaramudali Street: Rs 6,600 per sq.ft (2024)
• Wallace Garden: Rs 9,900 per sq.ft (2024)
• Wallace Garden 1st Street: Rs 9,900 per sq.ft (2024)
• Wallace Garden 2nd Street: Rs 9,900 per sq.ft (2024)
• Wallace Garden 3rd Street: Rs 9,900 per sq.ft (2024)
• West Mada Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, resulting in a total of Rs 6,93,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vijayalakshmi Street?

The Vijayalakshmi Street falls under the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Nungambakkam. It is used to determine the stamp duty and registration fees payable when a property is bought or sold. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the transaction reflects the prevailing market conditions as assessed by the local authorities.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Street?

The current guideline value of Vijayalakshmi Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,312 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, showing an overall increase of 487% over the years.

What is the median guideline value in Nungambakkam?

The median guideline value for streets in Nungambakkam under the Chennai Central Joint II SRO is Rs 8,800 per sq.ft, which is higher than the current value of Vijayalakshmi Street.

What are the stamp duty rates for properties in Vijayalakshmi Street?

The stamp duty for properties in Vijayalakshmi Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Which office handles registrations for Vijayalakshmi Street?

The Chennai Central Joint II Sub Registrar Office handles registrations for Vijayalakshmi Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.