Guideline Value for Vinayagam Street (W.M)

Vinayagam Street (W.M) guideline value

The current guideline value of Vinayagam Street (W.M) is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village under the Ashok Nagar SRO, classified as Residential Class II Type - II.

How the guideline value of Vinayagam Street (W.M) has changed

The guideline value for Vinayagam Street (W.M) has undergone several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 1,500 per sq.ft. This increased significantly to Rs 6,000 per sq.ft in 2012, marking a 300% rise. However, it then decreased to Rs 4,020 per sq.ft in 2017, representing a 33% drop. Following this, the value rose to Rs 6,000 per sq.ft in 2023, and then to the current Rs 6,600 per sq.ft in 2024, a 10% increase.

Notably, there are no figures available for Vinayagam Street (W.M) in the revisions for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 340%.

Guideline values in Kodambakkam

In Kodambakkam village, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Vinayagam Street (W.M) above this median.

• Vinayagar Koil Street Block 63 (W.M): Rs 4,100 per sq.ft (2024)
• Vinayagar Koil Street (JPT): Rs 4,100 per sq.ft (2024)
• Vijya Street (V.P): Rs 4,900 per sq.ft (2024)
• Vijayarathinam Pillai Street (W.M): Rs 5,500 per sq.ft (2024)
• Vijayaraghava Chetty Street (JPT): Rs 4,100 per sq.ft (2024)
• Vivekananda Nagar (NP): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayagam Street (W.M)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total cost for these fees to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vinayagam Street (W.M)?

The Sub Registrar Office that covers Vinayagam Street (W.M) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration of property transactions in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Vinayagam Street (W.M)?

The current guideline value of Vinayagam Street (W.M) is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 340% over these years.

What are the stamp duty and registration fees for property on this street?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

What is the land classification for Vinayagam Street (W.M)?

Vinayagam Street (W.M) is classified as Residential Class II Type - II.

Where is the Sub Registrar Office for Vinayagam Street (W.M)?

The Sub Registrar Office for Vinayagam Street (W.M) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.