Guideline Value for Visalakshi 1st Street

Visalakshi 1st Street guideline value

The current guideline value of Visalakshi 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Visalakshi 1st Street has changed

The guideline value for Visalakshi 1st Street was revised in 2012 to Rs 2,000 per sq.ft. This figure remained until the 2024 revision, which increased the value by 10% to Rs 2,200 per sq.ft. The register has no figures for the years 2023, 2017, 2007, 2003, and 2002 for this street.

From the 2012 revision to the 2024 revision, the increase reflects a change in the property valuation process. The 2024 guideline value of Rs 2,200 per sq.ft is below the median value of Rs 2,700 per sq.ft for other streets in Kodungaiyur.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. This street's value is below the median of Rs 2,700 per sq.ft.

• Visalakshi Street: Rs 2,200 per sq.ft (2024)
• Vivekananda 1st Street: Rs 2,700 per sq.ft (2024)
• Vivekananda 2nd Street: Rs 2,700 per sq.ft (2024)
• Vivekanandar Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Vivekananda Street: Rs 2,700 per sq.ft (2024)
• Vivekanandha Nagar 1st Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Visalakshi 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these charges Rs 1,98,000. Note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Visalakshi 1st Street?

The Sub Registrar Office that covers Visalakshi 1st Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property registration in Kodungaiyur. It determines the minimum value at which a property can be registered, impacting the stamp duty and registration fees that buyers must pay.

When selling a property, the guideline value ensures that the transaction is recorded at a fair price, preventing undervaluation. Buyers and sellers must consider this value to comply with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Visalakshi 1st Street?

The current guideline value of Visalakshi 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 2,000 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase. There are no figures for the years 2023, 2017, 2007, 2003, and 2002 for this street.

What is the land classification for Visalakshi 1st Street?

Visalakshi 1st Street is classified as Residential Class II Type - I. This classification influences the guideline value and property usage regulations.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total charges would amount to Rs 1,98,000, based on the current guideline value.

Where can I find the Sub Registrar Office for Visalakshi 1st Street?

The Madhavaram Sub Registrar Office covers Visalakshi 1st Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information online.