Guideline Value for Vijayaraghavapuram 1st Cross Street

Vijayaraghavapuram 1st Cross Street guideline value

The current guideline value of Vijayaraghavapuram 1st Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Residential Class III Type - II.

How the guideline value of Vijayaraghavapuram 1st Cross Street has changed

The guideline value for Vijayaraghavapuram 1st Cross Street has undergone several revisions over the years. The earliest recorded value is from 2002, when it was Rs 412 per sq.ft. This increased to Rs 450 per sq.ft in 2003, followed by a rise to Rs 550 per sq.ft in 2007. A significant jump occurred in 2012, bringing the value to Rs 2,500 per sq.ft. However, this figure dropped to Rs 1,675 per sq.ft in 2017. The 2023 revision set the value at Rs 2,500 per sq.ft, and the most recent revision in 2024 raised it to Rs 2,750 per sq.ft.

Between the revisions, the changes are notable. From 2002 to 2003, the increase was 9%. The rise from 2003 to 2007 was 22%, followed by a dramatic increase of 355% from 2007 to 2012. After the drop of 33% from 2012 to 2017, the value increased by 49% from 2017 to 2023. Finally, the change from 2023 to 2024 was an increase of 10%. Overall, from 2002 to 2024, the guideline value has risen by 567%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Vijayaraghavapuram 1st Cross Street's 2024 figure below that median.

• Vijayaraghavapuram 1st Cross Street (5th 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees 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.

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

Which Sub Registrar Office covers Vijayaraghavapuram 1st Cross Street?

The Sub Registrar Office that covers Vijayaraghavapuram 1st Cross Street is 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 is an essential factor during property transactions in Saligramam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers should be aware that the guideline value is used to calculate these fees, ensuring compliance with local regulations.

When registering a property, the guideline value helps to establish a fair basis for taxation. It is crucial for both buyers and sellers to understand how this value impacts their transaction costs, as it can influence the overall financial commitment involved in the purchase or sale of property.

Frequently asked questions

What is the current guideline value of Vijayaraghavapuram 1st Cross Street?

The current guideline value of Vijayaraghavapuram 1st Cross 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 Vijayaraghavapuram 1st Cross Street?

Vijayaraghavapuram 1st Cross Street is classified as Residential Class III Type - II.

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

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, covers Vijayaraghavapuram 1st Cross Street.

How is the stamp duty calculated for properties in this area?

The stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total guideline value would be Rs 27,50,000, leading to a stamp duty of Rs 1,92,500.