Guideline Value for Vinobaji Nagar 16th Street

Vinobaji Nagar 16th Street guideline value

The current guideline value of Vinobaji Nagar 16th Street is Rs 2,970 per sq.ft, effective from 1 July 2024. This street is located in Hastinapuram village, under the Pallavaram SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Vinobaji Nagar 16th Street has changed

The guideline value for Vinobaji Nagar 16th Street has seen several revisions over the years. In 2007, the value was Rs 525 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in 2012. However, this figure dropped to Rs 1,809 per sq.ft in 2017. Following this, the value rose to Rs 2,700 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 2,970 per sq.ft. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

From 2007 to 2012, the guideline value increased by 414%. However, there was a decrease of 33% from 2012 to 2017. Subsequently, the value increased by 49% from 2017 to 2023, and then by 10% from 2023 to 2024. Overall, from the 2007 revision to the current 2024 figure, there has been a total increase of 466%.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 2,970 per sq.ft, which is equal to the current value of Vinobaji Nagar 16th Street.

• Vinobaji Nagar 15th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 5th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 14th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 6th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 13th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 7th Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Vinobaji Nagar 16th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total fees together to Rs 2,67,300. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vinobaji Nagar 16th Street?

The Sub Registrar Office that covers Vinobaji Nagar 16th Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Hastinapuram, as it determines the minimum value at which a property can be registered. It is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vinobaji Nagar 16th Street?

The current guideline value of Vinobaji Nagar 16th Street is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 525 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, reflecting an overall increase of 466% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900, and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

Which office handles property registrations in Vinobaji Nagar 16th Street?

The Pallavaram Sub Registrar Office handles property registrations for Vinobaji Nagar 16th Street, located at 7th Main Road, New Colony, Chromepet, Chennai.

What is the land classification for Vinobaji Nagar 16th Street?

The land classification for Vinobaji Nagar 16th Street is Residential Class I Type - I, indicating its suitability for residential purposes.