Guideline Value for Viknesh Nagar

Viknesh Nagar guideline value

The current guideline value of Viknesh Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024. This area is located in Kottivakkam village, under the Adayar SRO, and is classified as Residential Class II Type - I.

How the guideline value of Viknesh Nagar has changed

The guideline value for Viknesh Nagar has seen several revisions over the years. In 2002, the value was Rs 384 per sq.ft, which increased to Rs 457 per sq.ft in 2003. Following this, the value surged significantly to Rs 2,000 per sq.ft in 2007, marking an increase of 338%. The next revision in 2012 saw the value at Rs 3,500 per sq.ft, a decrease of 33% from the previous figure. In 2017, the guideline value rose to Rs 2,345 per sq.ft, and then it increased to Rs 3,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 3,900 per sq.ft, reflecting an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 916%. It is important to note that the register has no figure for Viknesh Nagar for the years not listed in the revisions.

Guideline values in Kottivakkam

In Kottivakkam village, there are 284 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 8,500 per sq.ft. The median guideline value in this area is Rs 3,900 per sq.ft, which is equal to the current value of Viknesh Nagar.

• Vikram Sarabai Electronic Estate: Rs 4,401 per sq.ft (2024)
• Vivekanandar 1st Street: Rs 4,400 per sq.ft (2024)
• Vivekanandar 2nd Street: Rs 4,400 per sq.ft (2024)
• Vivekanandar 3rd Cross Street: Rs 2,800 per sq.ft (2024)
• Vivekanandar 3rd Street: Rs 4,400 per sq.ft (2024)
• Vivekanandar Extn. Road: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Viknesh Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000. Together, the total cost would be Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Viknesh Nagar?

The Sub Registrar Office that covers Viknesh Nagar is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration of property transactions in Kottivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction process.

When you buy or sell property, the guideline value impacts the stamp duty and registration fees payable. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives its due revenue from property transactions.

Frequently asked questions

What is the current guideline value of Viknesh Nagar?

The current guideline value of Viknesh Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 384 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, marking an overall increase of 916% over this period.

What is the land classification of Viknesh Nagar?

Viknesh Nagar is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where can I find the Adayar Sub Registrar Office?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How are stamp duty and registration fees calculated in Viknesh Nagar?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at the guideline value would incur a total cost of Rs 3,51,000 in fees.