Guideline Value for Visvakarma Street

Visvakarma Street guideline value

The current guideline value of Visvakarma Street is Rs 600 per sq.ft, effective from 1 July 2024. This street is located in Molachoor village, under the Sunguvarchattram SRO, and is classified as Residential Special Type - III.

How the guideline value of Visvakarma Street has changed

The guideline value for Visvakarma Street has seen several revisions over the years. The 2012 revision set the value at Rs 600 per sq.ft, which remained unchanged through the 2017 revision. However, in 2017, the value was reduced to Rs 402 per sq.ft, marking a decrease of 33%. The value then increased significantly to Rs 600 per sq.ft in both the 2023 and 2024 revisions, resulting in a 49% increase from 2017 to 2023. Notably, the guideline value has remained constant at Rs 600 per sq.ft since 2023, reflecting no change in the latest revision.

It is important to note that there are no figures for Visvakarma Street in the revisions from 2002, 2003, and 2007. Overall, from the 2012 revision to the 2024 revision, the guideline value has not changed, remaining at Rs 600 per sq.ft.

Guideline values in Molachoor

In Molachoor, there are 112 streets under the Sunguvarchattram SRO that carry a 2024 guideline value, ranging from Rs 300 to Rs 2,000 per sq.ft. The median value among these streets is Rs 600 per sq.ft, which is equal to the guideline value of Visvakarma Street.

• Vivekanandar Street: Rs 600 per sq.ft (2024)
• Vallalar Street: Rs 600 per sq.ft (2024)
• VallaKottai Murugan Nagar: Rs 605 per sq.ft (2024)
• Vadivambal Nagar: Rs 600 per sq.ft (2024)
• Thornas Street: Rs 500 per sq.ft (2024)
• Thiruvalluvar Street: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Visvakarma Street

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value amounts to Rs 6,00,000. The stamp duty, charged at 7%, would be Rs 42,000, while the registration fee at 2% would be Rs 12,000, bringing the total fees to Rs 54,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Visvakarma Street?

The Sub Registrar Office that covers Visvakarma Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.

You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Molachoor. It serves as a benchmark for determining the minimum value of property for registration purposes, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate applicable fees, including stamp duty and registration fees. This ensures that all transactions are conducted fairly and in accordance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Visvakarma Street?

The current guideline value of Visvakarma Street is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 600 per sq.ft since the 2023 revision, with a previous decrease to Rs 402 per sq.ft in 2017. The value has seen fluctuations, but overall, it has not changed from 2012 to 2024.

What is the land classification for Visvakarma Street?

Visvakarma Street is classified as Residential Special Type - III, indicating its designated use for residential purposes.

Where can I find the Sub Registrar Office for Visvakarma Street?

The Sub Registrar Office for Visvakarma Street is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, in the Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at Rs 600 per sq.ft incurs total fees of Rs 54,000.