Guideline Value for Vinayagar Street

Vinayagar Street guideline value

The current guideline value of Vinayagar Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Tharamani village under the Adayar SRO, classified as Residential Class II Type - I.

How the guideline value of Vinayagar Street has changed

The guideline value for Vinayagar Street has seen several revisions over the years. In 2002, the guideline value was Rs 159 per sq.ft. This increased to Rs 300 per sq.ft in 2003, marking an increase of 89%. The value then rose significantly to Rs 1,000 per sq.ft in 2007, reflecting a 233% increase. In 2012, the value was Rs 2,500 per sq.ft, a substantial increase of 150% from the previous revision. However, in 2017, it dropped to Rs 1,675 per sq.ft, a decrease of 33%. The value then increased to Rs 2,500 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 2,800 per sq.ft, representing a 12% increase from the previous year.

There are no figures available for the revisions in years other than those listed. Overall, from 2002 to 2024, the guideline value has increased by 1661%.

Guideline values in Tharamani

In Tharamani village, there are 78 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 8,800 per sq.ft. The median guideline value is Rs 2,800 per sq.ft, which is equal to the guideline value of Vinayagar Street.

• V.O.C. Street: Rs 2,800 per sq.ft (2024)
• Yerikkarai Street: Rs 2,800 per sq.ft (2024)
• 100 Feet Road: Rs 8,800 per sq.ft (2024)
• Vanjinathan Street: Rs 2,800 per sq.ft (2024)
• T.K. Kabali Street: Rs 2,800 per sq.ft (2024)
• Thiru.Vi.Ka. Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayagar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, resulting in a total of Rs 2,52,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more assistance.

Which Sub Registrar Office covers Vinayagar Street?

The Sub Registrar Office that covers Vinayagar 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 Tharamani

The guideline value plays a crucial role in the registration process when buying or selling property in Tharamani. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during the transaction.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the fees are based on a standardized valuation, providing clarity and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Vinayagar Street?

The current guideline value of Vinayagar Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 159 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting significant increases and a few decreases in between.

What is the land classification of Vinayagar Street?

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

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

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

How is stamp duty calculated for properties on Vinayagar Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property with a guideline value of Rs 28,00,000, the stamp duty at 7% would be Rs 1,96,000.