Guideline Value for Vinayagam Street

Vinayagam Street guideline value

The current guideline value of Vinayagam Street 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 Street has changed

The guideline value for Vinayagam Street has undergone several revisions over the years. In 2002, the value was Rs 591 per sq.ft, which increased to Rs 655 per sq.ft in 2003, marking an 11% rise. The value saw a further increase of 15% to reach Rs 750 per sq.ft in 2007. However, there was a significant jump of 500% to Rs 4,500 per sq.ft in 2012. Following this, the value decreased by 33% to Rs 3,015 per sq.ft in 2017. The 2023 revision set the value at Rs 4,500 per sq.ft, which then increased by 10% to the current Rs 4,950 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 738%. There are no figures available for the years not listed in the register for this street.

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 value is Rs 4,400 per sq.ft, placing Vinayagam Street's 2024 figure above this median.

• Vinayagam Avenue: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, totaling Rs 4,45,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vinayagam Street?

The Sub Registrar Office that covers Vinayagam Street 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 a crucial factor in property transactions in Virugambakkam. It serves as a reference point for determining the minimum price at which a property can be registered. When buying or selling property, the guideline value ensures that the transaction is documented at a fair value set by the government.

During the registration process, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vinayagam Street?

The current guideline value of Vinayagam Street 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 changed from Rs 591 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, showing an overall increase of 738% over the years.

What is the land classification of Vinayagam Street?

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

What are the stamp duty and registration fees for a property in Vinayagam Street?

For a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500 and the registration fee would be Rs 99,000, totaling Rs 4,45,500.

Where is the Virugambakkam Sub Registrar Office located?

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