Guideline Value for Vinayaga Nagar

Vinayaga Nagar guideline value

The current guideline value of Vinayaga Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Vinayaga Nagar has changed

The guideline value for Vinayaga Nagar has undergone several revisions over the years. Starting from Rs 297 per sq.ft in 2002, it increased to Rs 333 per sq.ft in 2003, marking a change of +12%. The value then saw a significant rise to Rs 1,500 per sq.ft in 2007, which was a change of +350%. In 2012, the guideline value remained at Rs 3,500 per sq.ft, with no change recorded until 2023, when it again held steady at Rs 3,500 per sq.ft. The most recent revision in 2024 brought the value to Rs 3,850 per sq.ft, reflecting a +10% increase from the previous year.

Notably, there is no figure available for the year 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by +1196%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Vinayaga Nagar is below this median.

• Vinayaga Nagar Extn.: Rs 3,850 per sq.ft (2024)
• Vinayagapuram: Rs 3,850 per sq.ft (2024)
• Vinayagapuram 1st Street: Rs 3,850 per sq.ft (2024)
• Vinayagapuram 2nd Street: Rs 3,850 per sq.ft (2024)
• Vinayagapuram 3rd Street: Rs 3,850 per sq.ft (2024)
• Vinayagapuram 4th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayaga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty, charged at 7%, would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total fees would be Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Vinayaga Nagar?

Vinayaga Nagar falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a reference point for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees.

During the registration process, the guideline value is compared with the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

Frequently asked questions

What is the current guideline value of Vinayaga Nagar?

The current guideline value of Vinayaga Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 297 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, which is an overall increase of +1196%.

What is the stamp duty rate for properties in Vinayaga Nagar?

The stamp duty rate for properties in Vinayaga Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum registration value of a property and is essential for calculating stamp duty and registration fees during property transactions.