Guideline Value for Viswakarma Nagar

Viswakarma Nagar guideline value

The current guideline value of Viswakarma Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Navaloor village and falls under the Padappai SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Viswakarma Nagar has changed

The guideline value for Viswakarma Nagar has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 500 per sq.ft. This was followed by a decrease to Rs 335 per sq.ft in 2017, representing a decline of 33%. The value then increased significantly to Rs 500 per sq.ft in 2023, and further rose to Rs 550 per sq.ft in 2024, marking a 10% increase.

In terms of percentage changes, the guideline value rose by 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Navaloor

In Navaloor, there are 26 streets under the Padappai SRO that have a 2024 guideline value ranging from Rs 440 to Rs 1,000 per sq.ft. The median value is Rs 550 per sq.ft, which is the same as the current guideline value for Viswakarma Nagar.

• Vattambakkam to Serappananchery Road: Rs 440 per sq.ft (2024)
• Thillai Nagar: Rs 550 per sq.ft (2024)
• Sri Varalakshmi Nagar: Rs 440 per sq.ft (2024)
• Srinivasa Perumal Nagar: Rs 550 per sq.ft (2024)
• Sri Krishna Nagar Part - I S.Nos.2/2b1, 2b2: Rs 550 per sq.ft (2024)
• Sri Krishna Nagar Part - I: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Viswakarma Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total charges to Rs 49,500. 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 details.

Which Sub Registrar Office covers Viswakarma Nagar?

The Sub Registrar Office that covers Viswakarma Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions within Navaloor. It serves as a benchmark for determining the minimum value of a property, which helps in calculating the stamp duty and registration fees during the sale or purchase process.

When a property is registered, the guideline value is used to ensure that the transaction reflects a fair value for taxation purposes. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Viswakarma Nagar?

The current guideline value of Viswakarma Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification for Viswakarma Nagar?

Viswakarma Nagar is classified as Residential Class I Type - I.

What are the stamp duty and registration fees for a property in Viswakarma Nagar?

For a 1,000 sq.ft plot valued at Rs 5,50,000, the stamp duty is Rs 38,500, and the registration fee is Rs 11,000, totaling Rs 49,500.

Which Sub Registrar Office covers Viswakarma Nagar?

The Padappai Sub Registrar Office covers Viswakarma Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.