Guideline Value for Vijayarathinam Pillai Street (W.M)

Vijayarathinam Pillai Street (W.M) guideline value

The current guideline value of Vijayarathinam Pillai Street (W.M) is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village under the Ashok Nagar SRO, classified as Residential Class III Type - I.

How the guideline value of Vijayarathinam Pillai Street (W.M) has changed

The guideline value for this street has undergone several revisions over the years. The 2007 revision set the value at Rs 1,210 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in the 2012 revision. However, there was a decrease to Rs 3,350 per sq.ft in the 2017 revision. The value then rose to Rs 5,000 per sq.ft in the 2023 revision before reaching the current value of Rs 5,500 per sq.ft in the 2024 revision.

From 2007 to 2024, the overall increase in the guideline value is 355%. The changes between the revisions include a 313% increase from 2007 to 2012, a decrease of 33% from 2012 to 2017, and a 49% increase from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 10% increase. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Vijayarathinam Pillai Street (W.M) above this median.

• Vijayaraghava Chetty Street (JPT): Rs 4,100 per sq.ft (2024)
• Vijya Street (V.P): Rs 4,900 per sq.ft (2024)
• Vinayagam Street (W.M): Rs 6,600 per sq.ft (2024)
• Vinayagar Koil Street Block 63 (W.M): Rs 4,100 per sq.ft (2024)
• Vinayagar Koil Street (JPT): Rs 4,100 per sq.ft (2024)
• Vivekananda Nagar (NP): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayarathinam Pillai Street (W.M)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000, leading to a total of Rs 4,95,000 for the transaction. 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 details.

Which Sub Registrar Office covers Vijayarathinam Pillai Street (W.M)?

The Sub Registrar Office that covers Vijayarathinam Pillai Street (W.M) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodambakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vijayarathinam Pillai Street (W.M)?

The current guideline value of Vijayarathinam Pillai Street (W.M) is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,210 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 355% over this period.

What are the other streets in Kodambakkam and their guideline values?

Other streets in Kodambakkam include Vijayaraghava Chetty Street (JPT) at Rs 4,100 per sq.ft, Vijya Street (V.P) at Rs 4,900 per sq.ft, and Vinayagam Street (W.M) at Rs 6,600 per sq.ft, among others.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total of Rs 4,95,000 in fees based on the current guideline value.

Where can I find the Sub Registrar Office for Vijayarathinam Pillai Street (W.M)?

The Ashok Nagar Sub Registrar Office covers Vijayarathinam Pillai Street (W.M) and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.