Guideline Value for Visalakshi Street

Visalakshi Street guideline value

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

How the guideline value of Visalakshi Street has changed

The guideline value for Visalakshi Street has undergone several revisions over the years. The oldest recorded revision is from 2012, where the guideline value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. However, the most recent revision in 2024 shows an increase to Rs 2,200 per sq.ft, marking a significant rise of 64% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that there are no recorded figures for Visalakshi Street for the years 2002, 2003, 2007, and 2023. The changes in the guideline value reflect the revisions that have been documented.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft, with a median value of Rs 2,700 per sq.ft. Visalakshi Street's 2024 figure of Rs 2,200 per sq.ft is below this median.

• Visalakshi 1st 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Visalakshi Street?

The Sub Registrar Office that covers Visalakshi Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Kodungaiyur. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the government receives the appropriate revenue based on the property's value.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial obligations involved in the property transaction. Understanding these values can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Visalakshi Street?

The current guideline value of Visalakshi 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 has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024.

What is the land classification of Visalakshi Street?

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

What are the stamp duty and registration fees for properties in Visalakshi Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Visalakshi Street located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.