Guideline Value for Vinayagar Street

Vinayagar Street guideline value

The current guideline value of Vinayagar Street in Velachery village is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Velacheri SRO and is classified as Residential Class II Type - III.

How the guideline value of Vinayagar Street has changed

The guideline value for Vinayagar Street has seen several revisions over the years. Starting from Rs 343 per sq.ft in 2002, it increased to Rs 385 per sq.ft in 2003. The value then rose significantly to Rs 1,500 per sq.ft in 2007, marking an increase of 290%. In 2012, it remained at Rs 3,500 per sq.ft, but then dropped to Rs 2,345 per sq.ft in 2017, reflecting a decrease of 33%. The value increased again to Rs 3,500 per sq.ft in 2023, followed by the current rate of Rs 3,850 per sq.ft from 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,022%. The register has no figure for the years between these revisions.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which means that Vinayagar Street's 2024 figure is below that median.

• Vinayagapuram Main Road A.G.S. Colony: Rs 4,400 per sq.ft (2024)
• Vinayagapuram cross Street A.G.S. Colony: Rs 4,400 per sq.ft (2024)
• Vinayagapuram A.G.S. Colony 5th Main Road: Rs 4,400 per sq.ft (2024)
• Vinayagapuram 4th Street: Rs 3,850 per sq.ft (2024)
• Vinayagapuram 3rd Street: Rs 3,850 per sq.ft (2024)
• Vinayagapuram 2nd Street: Rs 3,850 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 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. 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 further calculations.

Which Sub Registrar Office covers Vinayagar Street?

The Sub Registrar Office that covers Vinayagar Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on an official valuation of the property.

When a property transaction occurs, the guideline value helps to establish a fair basis for the transaction, which aids in maintaining transparency and accountability in property dealings. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Vinayagar Street?

The current guideline value of Vinayagar Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 343 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 1,022% over the years.

What is the classification of Vinayagar Street?

Vinayagar Street is classified as Residential Class II Type - III under the Velacheri SRO.

What are the stamp duty rates for properties in Vinayagar Street?

The stamp duty for properties in Vinayagar Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Vinayagar Street located?

The Velacheri Sub Registrar Office, which covers Vinayagar Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.