Guideline Value for Vishwanathapuram Street

Vishwanathapuram Street guideline value

The current guideline value of Vishwanathapuram Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Vishwanathapuram Street has changed

The guideline value for Vishwanathapuram Street has undergone several revisions over the years. The earliest recorded figure was Rs 336 per sq.ft in 2002. This increased to Rs 450 per sq.ft in 2003, followed by a rise to Rs 800 per sq.ft in 2007. The value then jumped significantly to Rs 3,500 per sq.ft in 2012, but saw a decrease to Rs 2,345 per sq.ft in 2017. The guideline value then rose to Rs 3,500 per sq.ft in 2023, and most recently to Rs 3,850 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 34% from 2002 to 2003, followed by a 78% increase from 2003 to 2007. The value saw a substantial rise of 338% from 2007 to 2012. However, there was a decline of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1046%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, which is equal to the current figure for Vishwanathapuram Street.

• Vishwanathar Koil Street: Rs 3,300 per sq.ft (2024)
• V.P.Line: Rs 2,750 per sq.ft (2024)
• Well Sowrith Street: Rs 2,750 per sq.ft (2024)
• V.G.P.Murthy Square: Rs 11,000 per sq.ft (2024)
• West Raja Street: Rs 3,300 per sq.ft (2024)
• 100 Feet Road: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Vishwanathapuram Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total cost for stamp duty and registration would be 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vishwanathapuram Street?

The Sub Registrar Office that covers Vishwanathapuram Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When a property is sold, the buyer will typically pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Vishwanathapuram Street?

The current guideline value of Vishwanathapuram 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 changed significantly from Rs 336 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1046% over this period.

What is the land classification for Vishwanathapuram Street?

The land classification for Vishwanathapuram Street is Residential Class II Type - I.

What are the stamp duty and registration fees for a property on this street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where is the Sub Registrar Office for Vishwanathapuram Street located?

The Sub Registrar Office for Vishwanathapuram Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.