Guideline Value for Vikneshwarar 1st Street

Vikneshwarar 1st Street guideline value

The current guideline value of Vikneshwarar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village, under the jurisdiction of the Alandur SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Vikneshwarar 1st Street has changed

The guideline value for Vikneshwarar 1st Street has undergone several revisions over the years. In 2002, the value was Rs 306 per sq.ft, which increased to Rs 343 per sq.ft in 2003. Following that, the value saw a significant rise to Rs 1,000 per sq.ft in 2007, and then it increased to Rs 2,500 per sq.ft in 2012. However, the value dropped to Rs 1,675 per sq.ft in 2017. The most recent revisions show the value at Rs 2,500 per sq.ft in 2023, and it has now risen to Rs 2,800 per sq.ft in 2024.

Between the revisions, there have been notable changes. From 2002 to 2003, the increase was +12%. The value then surged by +192% from 2003 to 2007. From 2007 to 2012, there was a +150% increase, but this was followed by a decrease of -33% from 2012 to 2017. The value saw a significant increase of +49% from 2017 to 2023, and finally, there was a +12% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +815%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,800 per sq.ft, which is equal to the current value of Vikneshwarar 1st Street.

• Vikneshwara Nagar Cross 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 Vikneshwarar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty, charged at 7%, would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000. Together, the total cost for stamp duty and registration fee 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 our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vikneshwarar 1st Street?

The Sub Registrar Office that covers Vikneshwarar 1st 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 information.

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

The guideline value is a crucial factor in the registration process of property transactions in Ullagaram. It serves as a benchmark for determining the minimum value at which properties must be registered, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling a property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Vikneshwarar 1st Street?

The current guideline value of Vikneshwarar 1st 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 306 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of +815% over the years.

What is the land classification for Vikneshwarar 1st Street?

The land classification for Vikneshwarar 1st Street is Residential Class II Type - I, indicating its suitability for residential purposes.

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

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Where is the Sub Registrar Office for Vikneshwarar 1st Street located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061, and it covers Vikneshwarar 1st Street.