Guideline Value for Vitalachari Street

Vitalachari Street guideline value

The current guideline value of Vitalachari Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Residential Class III Type - II.

How the guideline value of Vitalachari Street has changed

The guideline value for Vitalachari Street has undergone several revisions over the years. The earliest recorded figure is from 2002, with a value of Rs 350 per sq.ft. This increased to Rs 383 per sq.ft in 2003, marking a 9% rise. The value saw a significant jump to Rs 550 per sq.ft in 2007, which was a 44% increase. Following this, the value surged to Rs 2,500 per sq.ft in 2012, reflecting a remarkable 355% increase. However, it then decreased to Rs 1,675 per sq.ft in 2017, indicating a 33% drop. The value rose again to Rs 2,500 per sq.ft in 2023, and most recently, it has reached Rs 2,750 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for the years between these revisions, and the register has no figure for this street in those years. Overall, from 2002 to 2024, the guideline value has increased by 686%.

Guideline values in Saligramam

In Saligramam, there are 333 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 Vitalachari Street's 2024 figure below that median.

• Vivekanandar Street: Rs 4,400 per sq.ft (2024)
• Vinoba Street: Rs 3,300 per sq.ft (2024)
• Vijayaraghavapuram Main Road: Rs 2,750 per sq.ft (2024)
• Vijayaraghavapuram 8th Cross Street: Rs 2,750 per sq.ft (2024)
• Vijayaraghavapuram 7th Cross Street: Rs 2,750 per sq.ft (2024)
• Vijayaraghavapuram 6th Cross Street (5th Street): Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vitalachari Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, these fees would total Rs 2,47,500. 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 Vitalachari Street?

The Sub Registrar Office that covers Vitalachari Street 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 Saligramam

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

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Vitalachari Street?

The current guideline value of Vitalachari Street is Rs 2,750 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 350 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 686% over this period.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500.

Which office handles property registrations for Vitalachari Street?

The Virugambakkam Sub Registrar Office handles property registrations for Vitalachari Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Vitalachari Street?

Vitalachari Street is classified as Residential Class III Type - II, indicating its suitability for residential development.