Guideline Value for Vijayalakshmi avenue

Vijayalakshmi avenue guideline value

The current guideline value of Vijayalakshmi avenue is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Poonthamallee village, under the Poonamallee SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vijayalakshmi avenue has changed

The guideline value for Vijayalakshmi avenue has undergone several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 400 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a 400% rise. However, it then decreased to Rs 1,340 per sq.ft in 2017, which represented a 33% drop. The value saw a substantial increase to Rs 2,000 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 2,200 per sq.ft, a 10% increase from the previous year.

In summary, the guideline value has increased from Rs 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 450% over this period. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Poonthamallee

In Poonthamallee village, there are 257 streets under the Poonamallee SRO that carry a 2024 guideline value, ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value is Rs 2,200 per sq.ft, which aligns with the current guideline value of Vijayalakshmi avenue.

• Vijayalakshmi nagar: Rs 3,250 per sq.ft (2024)
• Vijayalakshmi Nagar 1st Street: Rs 3,250 per sq.ft (2024)
• Vijayalakshmi Nagar 2nd Street: Rs 3,250 per sq.ft (2024)
• Vijayalakshmi Nagar 3rd Street: Rs 3,250 per sq.ft (2024)
• Viswanathan nagar MS: Rs 2,200 per sq.ft (2024)
• VPR Avenue: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total charges to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vijayalakshmi avenue?

The Sub Registrar Office that covers Vijayalakshmi avenue is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Poonthamallee. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the officially recognized value of the property.

When a property is sold, the guideline value is used to assess the appropriate charges, which are required to be paid at the time of registration. This ensures transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Vijayalakshmi avenue?

The current guideline value of Vijayalakshmi avenue is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, with various revisions in between, including a significant increase in 2023.

What are the stamp duty and registration fees for properties on Vijayalakshmi avenue?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft property, the total charges would be Rs 1,98,000 based on the current guideline value.

Which Sub Registrar Office covers Vijayalakshmi avenue?

The Poonamallee Sub Registrar Office covers Vijayalakshmi avenue, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

What is the land classification for Vijayalakshmi avenue?

Vijayalakshmi avenue is classified as Residential Class II Type - I, indicating its suitability for residential development.