Guideline Value for Vinayagar Koil Street

Vinayagar Koil Street guideline value

The current guideline value of Vinayagar Koil Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Residential Class III Type - I.

How the guideline value of Vinayagar Koil Street has changed

The guideline value for Vinayagar Koil Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then decreased to Rs 670 per sq.ft in the 2017 revision. There is no figure available for the years 2002, 2003, 2007, and 2023. The current value of Rs 1,100 per sq.ft in 2024 represents a significant increase of 64% from the 2017 revision.

From the 2012 revision to the 2017 revision, there was a decrease of 33%. However, when comparing the overall values from 2012 to 2024, the guideline value has increased by 10%. The changes reflect the fluctuations in property values over the years.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, making Vinayagar Koil Street's current value below that median.

• V.O.C Street (Chozhen Nagar): Rs 1,300 per sq.ft (2024)
• V.Santha Nagar: Rs 3,800 per sq.ft (2024)
• West Mada Street: Rs 2,750 per sq.ft (2024)
• West Main Road: Rs 1,600 per sq.ft (2024)
• Yashwanth Nagar: Rs 2,750 per sq.ft (2024)
• Yashwanth Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayagar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. 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 Vinayagar Koil Street?

The Sub Registrar Office that covers Vinayagar Koil Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Madambakkam, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is important for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and legality in property dealings.

Frequently asked questions

What is the current guideline value of Vinayagar Koil Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, and then to Rs 1,100 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2023.

What is the land classification of Vinayagar Koil Street?

Vinayagar Koil Street is classified as Residential Class III Type - I, indicating its use for residential purposes.

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

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 99,000 in fees based on the current guideline value.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles registrations for properties in Vinayagar Koil Street.