Guideline Value for Vinayagar Koil Street (JPT)

Vinayagar Koil Street (JPT) guideline value

The current guideline value of Vinayagar Koil Street (JPT) is Rs 4,100 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO with a land classification of Residential Class IV Type - I.

How the guideline value of Vinayagar Koil Street (JPT) has changed

The guideline value for Vinayagar Koil Street (JPT) has seen significant changes over the years. In the 2007 revision, the guideline value was Rs 800 per sq.ft. This increased dramatically to Rs 3,750 per sq.ft in 2012, marking a rise of 369%. However, in the 2017 revision, the value decreased to Rs 2,512 per sq.ft, a decline of 33%. The value then rose to Rs 3,750 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 4,100 per sq.ft, which is a 9% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 413%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry 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 Vinayagar Koil Street's 2024 figure below this median.

• Vinayagar Koil Street Block 63 (W.M): Rs 4,100 per sq.ft (2024)
• Vinayagam Street (W.M): Rs 6,600 per sq.ft (2024)
• Vijya Street (V.P): Rs 4,900 per sq.ft (2024)
• Vivekananda Nagar (NP): Rs 2,200 per sq.ft (2024)
• Vivekanandapuram 1st Street(Adhikesavapuram) (W.M): Rs 6,600 per sq.ft (2024)
• Vivekanandar Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayagar Koil Street (JPT)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,100 per sq.ft, the total guideline value amounts to Rs 41,00,000. The stamp duty at 7% would be Rs 2,87,000, and the registration fee at 2% would be Rs 82,000, making the total Rs 3,69,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vinayagar Koil Street (JPT)?

The Sub Registrar Office that covers Vinayagar Koil Street (JPT) 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the minimum value of a property, ensuring that transactions are conducted at a fair value as per the government’s assessment.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Vinayagar Koil Street (JPT)?

The current guideline value of Vinayagar Koil Street (JPT) is Rs 4,100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2007 to 2024?

From 2007 to 2024, the guideline value has increased by 413%, rising from Rs 800 per sq.ft to Rs 4,100 per sq.ft.

What is the guideline value for other streets in Kodambakkam?

Other streets in Kodambakkam have a guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 4,900 per sq.ft.

What are the stamp duty rates for properties on Vinayagar Koil Street (JPT)?

The stamp duty for properties on Vinayagar Koil Street (JPT) is charged at 7% of the guideline value or the sale price, whichever is higher.

Which office handles the registration for Vinayagar Koil Street (JPT)?

The Ashok Nagar Sub Registrar Office handles the registration for Vinayagar Koil Street (JPT), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.