Guideline Value for Vinayagam Avenue

Vinayagam Avenue guideline value

The current guideline value of Vinayagam Avenue is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Vinayagam Avenue has changed

The guideline value for Vinayagam Avenue has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 591 per sq.ft, which increased to Rs 655 per sq.ft in 2003, marking an increase of 11%. The value saw a further rise to Rs 750 per sq.ft in 2007, a significant jump of 15%. However, from 2007 to 2012, the value decreased to Rs 4,500 per sq.ft, reflecting a decline of 33%. In 2017, the value was revised to Rs 3,015 per sq.ft, and then it increased dramatically to Rs 4,500 per sq.ft in 2023, a rise of 49%.

The most recent revision in 2024 set the guideline value at Rs 4,950 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 738%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Vinayagam Avenue's 2024 figure above that median.

• Vinayagam Street: Rs 4,950 per sq.ft (2024)
• Vishnu Avenue: Rs 3,300 per sq.ft (2024)
• Vivekanandar Street: Rs 3,300 per sq.ft (2024)
• Venkateswh Nagar Extension 2nd Street: Rs 4,950 per sq.ft (2024)
• Venkateswh Nagar Extension 1st Street: Rs 4,950 per sq.ft (2024)
• Venkateswh Nagar Extension 1st Main Road: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayagam Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty, charged at 7%, would be Rs 3,46,500, while the registration fee at 2% would be Rs 99,000. Together, these fees amount to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vinayagam Avenue?

The Sub Registrar Office that covers Vinayagam Avenue is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Virugambakkam. It serves as the basis for calculating stamp duty and registration fees, which are mandatory when buying or selling property. The guideline value ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vinayagam Avenue?

The current guideline value of Vinayagam Avenue is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 591 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, which represents a total increase of 738% over this period.

What is the land classification for Vinayagam Avenue?

Vinayagam Avenue is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 49,50,000, the total fees would amount to Rs 4,45,500.

Where is the Sub Registrar Office for Vinayagam Avenue located?

The Sub Registrar Office covering Vinayagam Avenue is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.