Guideline Value for Vikneshwarar Nagar Main

Vikneshwarar Nagar Main guideline value

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

How the guideline value of Vikneshwarar Nagar Main has changed

The guideline value for Vikneshwarar Nagar Main has seen several revisions over the years. In 2003, the guideline value was Rs 343 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007. The value then rose significantly to Rs 2,500 per sq.ft in 2012, before dropping to Rs 1,675 per sq.ft in 2017. The 2023 revision set the value at Rs 2,500 per sq.ft, which was increased to Rs 2,800 per sq.ft in 2024.

Between the revisions, notable changes include a 192% increase from 2003 to 2007, followed by a 150% rise from 2007 to 2012. However, there was a 33% decrease from 2012 to 2017. The value then increased by 49% from 2017 to 2023 and saw a further increase of 12% from 2023 to 2024. The overall increase from 2003 to 2024 is 716%. The register has no figure for this street in 2002.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry 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 guideline value of Vikneshwarar Nagar Main.

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

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 at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total to 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 details.

Which Sub Registrar Office covers Vikneshwarar Nagar Main?

The Vikneshwarar Nagar Main is covered by 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 when buying or selling property in Ullagaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vikneshwarar Nagar Main?

The current guideline value of Vikneshwarar Nagar Main 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 343 per sq.ft in 2003 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 716% over this period.

What are the other streets in Ullagaram with the same guideline value?

Other streets in Ullagaram with a guideline value of Rs 2,800 per sq.ft include Vikneshwarar 1st, 2nd, and 3rd Streets, Vikneshwara Nagar Cross Street, and Vijayaganapathi nagar 2nd and 3rd Streets.

What fees are associated with property transactions in Vikneshwarar Nagar Main?

Property transactions in Vikneshwarar Nagar Main incur a stamp duty of 7% and a registration fee of 2% based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Vikneshwarar Nagar Main?

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