Guideline Value for Vikneshwara Nagar Cross Street

Vikneshwara Nagar Cross Street guideline value

The current guideline value of Vikneshwara Nagar Cross Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village, under the Alandur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vikneshwara Nagar Cross Street has changed

The guideline value for Vikneshwara Nagar Cross Street has undergone several revisions over the years. In 2002, the value was Rs 253 per sq.ft, which increased to Rs 284 per sq.ft in 2003. Following that, the value saw a significant rise to Rs 1,000 per sq.ft in 2007. However, it decreased to Rs 2,500 per sq.ft in 2012, before dropping further to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,800 per sq.ft as of the 2024 revision.

Notably, the changes between revisions have varied. From 2002 to 2003, there was an increase of 12%. The value then surged by 252% from 2003 to 2007. After that, it rose by 150% from 2007 to 2012, but saw a decline of 33% from 2012 to 2017. The value increased by 49% from 2017 to 2023, and has risen by 12% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1007%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median value is Rs 2,800 per sq.ft, which is equal to the 2024 figure for Vikneshwara Nagar Cross Street.

• Vikneshwarar 1st Street: Rs 2,800 per sq.ft (2024)
• Vikneshwarar 2nd Street: Rs 2,800 per sq.ft (2024)
• Vikneshwarar 3rd Street: Rs 2,800 per sq.ft (2024)
• Vikneshwarar Nagar Main: Rs 2,800 per sq.ft (2024)
• Vijayaganapathi nagar 3rd Street: Rs 2,800 per sq.ft (2024)
• Vijayaganapathi nagar 2nd Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Vikneshwara Nagar Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, while the registration fee at 2% would be Rs 56,000. Together, the total cost for these fees would be Rs 2,52,000. 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 information.

Which Sub Registrar Office covers Vikneshwara Nagar Cross Street?

The Sub Registrar Office that covers Vikneshwara Nagar Cross Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ullagaram. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these charges are based on an official valuation rather than the negotiated sale price.

When a property transaction occurs, the buyer and seller must declare the sale price, but the registration office will assess the guideline value to calculate the applicable fees. This process helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Vikneshwara Nagar Cross Street?

The current guideline value of Vikneshwara Nagar Cross Street is Rs 2,800 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 253 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1007% over the years.

What is the land classification for Vikneshwara Nagar Cross Street?

Vikneshwara Nagar Cross Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would be Rs 2,52,000.

Where is the Sub Registrar Office for Vikneshwara Nagar Cross Street located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.