Guideline Value for Vinayagar Koil Street

Vinayagar Koil Street guideline value

The current guideline value of Vinayagar Koil Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Venkatapuram village, under the Adayar SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vinayagar Koil Street has changed

The guideline value for Vinayagar Koil Street has seen several revisions over the years. In 2007, the value was Rs 3,000 per sq.ft, which increased to Rs 5,000 per sq.ft in 2012. However, it then decreased to Rs 3,350 per sq.ft in 2017. Following this, the value rose significantly to Rs 5,000 per sq.ft in 2023 and further increased to Rs 5,500 per sq.ft in 2024. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, there was a 49% increase, while the jump from 2023 to 2024 was 10%. The overall change from 2007 to 2024 reflects an increase of 83% in the guideline value.

Guideline values in Venkatapuram

In Venkatapuram, there are 36 streets under the Adayar SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 15,400 per sq.ft. The median value is Rs 5,500 per sq.ft, which is equal to the guideline value of Vinayagar Koil Street.

• West Avenue Road: Rs 4,400 per sq.ft (2024)
• Venkatapuram Slum Residents: Rs 2,800 per sq.ft (2024)
• Velacheri Road (Between Sardar Patel Road & Anna Salai): Rs 10,500 per sq.ft (2024)
• Velacheri Road (Between Acquatic Complex & Sardarpatel Road): Rs 10,500 per sq.ft (2024)
• Thulasinga Chetty Street: Rs 2,800 per sq.ft (2024)
• Thamas Nagar: Rs 2,800 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 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that 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?

The Sub Registrar Office that covers Vinayagar Koil Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Venkatapuram. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. It is essential for both buyers and sellers to understand how this value is applied to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vinayagar Koil Street?

The current guideline value of Vinayagar Koil Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 83% over the years.

What is the land classification for Vinayagar Koil Street?

Vinayagar Koil Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Vinayagar Koil Street?

The Adayar Sub Registrar Office, which covers Vinayagar Koil Street, is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the total fees would be Rs 4,95,000.