Guideline Value for Vijayaraghavapuram 1st Cross Street (5th Street)

Vijayaraghavapuram 1st Cross Street (5th Street) guideline value

The current guideline value of Vijayaraghavapuram 1st Cross Street (5th Street) is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Vijayaraghavapuram 1st Cross Street (5th Street) has changed

The guideline value for Vijayaraghavapuram 1st Cross Street (5th Street) has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 412 per sq.ft. This figure increased to Rs 450 per sq.ft in 2003, followed by a rise to Rs 550 per sq.ft in 2007. The 2012 revision saw the value increase to Rs 2,500 per sq.ft, but it then dropped to Rs 1,675 per sq.ft in 2017. The value continued to climb, reaching Rs 2,500 per sq.ft in 2023, and finally, it is set at Rs 2,750 per sq.ft from the 2024 revision.

In terms of percentage changes, the guideline value increased by 9% from 2002 to 2003, 22% from 2003 to 2007, and 355% from 2007 to 2012. However, there was a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and the latest revision from 2023 to 2024 reflects a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 567%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a guideline value for 2024, ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Vijayaraghavapuram 1st Cross Street (5th Street) is below this median.

• Vijayaraghavapuram 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Vijayaraghavapuram 1st Street: Rs 2,750 per sq.ft (2024)
• Vijayaraghavapuram 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Vijayaraghavapuram 2nd Street: Rs 2,750 per sq.ft (2024)
• Vijayaraghavapuram 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Vijayaraghavapuram 3rd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayaraghavapuram 1st Cross Street (5th Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Vijayaraghavapuram 1st Cross Street (5th Street)?

The Vijayaraghavapuram 1st Cross Street (5th Street) is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties are aware of the official value assigned to the property.

During the registration process, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value of Vijayaraghavapuram 1st Cross Street (5th Street)?

The current guideline value of Vijayaraghavapuram 1st Cross Street (5th Street) is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 412 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 567% over the years.

What is the land classification for this area?

The land classification for Vijayaraghavapuram 1st Cross Street (5th Street) is Residential Class III Type - II.

What are the stamp duty and registration fees for a property here?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for this street?

The Virugambakkam Sub Registrar Office handles registrations for Vijayaraghavapuram 1st Cross Street (5th Street), located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.