Guideline Value for Viswamithran Street

Viswamithran Street guideline value

The current guideline value of Viswamithran Street is Rs 1,650 per sq.ft. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Viswamithran Street has changed

The guideline value for Viswamithran Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,650 per sq.ft, which reflects a 10% increase from the 2023 revision of Rs 1,500 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 1,005 per sq.ft, marking a significant 49% increase to the 2023 figure. The 2012 revision also had a value of Rs 1,500 per sq.ft, which was a decrease of 33% from the 2017 figure. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. This indicates a gradual adjustment in the valuation of properties on Viswamithran Street over the years.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is the same as the current guideline value for Viswamithran Street.

• Viyasar Street: Rs 1,650 per sq.ft (2024)
• VOC Saminathan Street: Rs 2,750 per sq.ft (2024)
• Vinayagar St: Rs 1,650 per sq.ft (2024)
• Vinayagar Koil Cross St: Rs 1,100 per sq.ft (2024)
• Vu.Ve.Saminatha Cross Street: Rs 2,750 per sq.ft (2024)
• Vu.Ve.Saminatha Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Viswamithran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, these fees total Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Viswamithran Street?

The Sub Registrar Office that covers Viswamithran Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid. This ensures that the transaction is recorded accurately and in compliance with local regulations.

When a property is sold, the buyer and seller must agree on a sale price, but the stamp duty will be calculated based on the higher of the guideline value or the sale price. This helps to maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Viswamithran Street?

The current guideline value of Viswamithran Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024. It was Rs 1,005 per sq.ft in 2017 and Rs 1,500 per sq.ft in 2012.

What is the land classification for Viswamithran Street?

The land classification for Viswamithran Street is Residential Class I Type - III, indicating its designated use for residential purposes.

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

The Tambaram Joint 1 Sub Registrar Office covers Viswamithran Street and is located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Chitlapakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the correct fees are applied during the registration process.