Guideline Value for Vishnu Avenue

Vishnu Avenue guideline value

The current guideline value of Vishnu Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, which falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Vishnu Avenue has changed

The guideline value for Vishnu Avenue has seen several revisions over the years. In 2002, the guideline value was Rs 584 per sq.ft, which increased to Rs 647 per sq.ft in 2003, marking an 11% increase. The value then rose to Rs 750 per sq.ft in 2007, reflecting a 16% increase. Following that, the value surged to Rs 3,000 per sq.ft in 2012, representing a significant 300% increase. However, it saw a decline to Rs 2,010 per sq.ft in 2017, which was a decrease of 33%. The value then increased to Rs 3,000 per sq.ft in 2023, showing a 49% rise, and finally reached Rs 3,300 per sq.ft in 2024, which is a 10% increase.

There are no figures available for the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 465%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Vishnu Avenue's 2024 figure below that median.

• Vivekanandar Street: Rs 3,300 per sq.ft (2024)
• Vinayagam Street: Rs 4,950 per sq.ft (2024)
• Vinayagam Avenue: Rs 4,950 per sq.ft (2024)
• West Vanniyar Street: Rs 3,300 per sq.ft (2024)
• West Vanniyar Street 1st Cross Street: Rs 3,300 per sq.ft (2024)
• West Vanniyar Street 2nd Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vishnu Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vishnu Avenue?

The Sub Registrar Office that covers Vishnu Avenue is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Virugambakkam. It serves as a reference for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Vishnu Avenue?

The current guideline value of Vishnu Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 584 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 465% over the years.

What is the land classification for Vishnu Avenue?

Vishnu Avenue is classified as Residential Class IV Type - I, indicating its suitability for residential development.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Vishnu Avenue is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Vishnu Avenue located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.