Guideline Value for Vivegananda Nagar 2nd Street

Vivegananda Nagar 2nd Street guideline value

The current guideline value of Vivegananda Nagar 2nd Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram 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 Vivegananda Nagar 2nd Street has changed

The guideline value for Vivegananda Nagar 2nd Street has seen several revisions over the years. The 2012 revision recorded a value of Rs 2,800 per sq.ft. This figure remained the same until the 2017 revision, which decreased to Rs 1,876 per sq.ft, marking a decline of 33%. Following this, the 2023 revision increased the guideline value to Rs 2,800 per sq.ft, and the most recent 2024 revision has set it at Rs 3,100 per sq.ft, reflecting an increase of 11% from the previous year.

In summary, from the 2012 revision to the 2024 revision, the overall change is an increase of 11%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value among these streets is Rs 3,100 per sq.ft, which is equal to the guideline value of Vivegananda Nagar 2nd Street.

• Vivegananda Nagar 2nd Cross Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar Annex 1st Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar 1st Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar 1st Cross Street: Rs 3,100 per sq.ft (2024)
• Vivegananda Nagar: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vivegananda Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value amounts to Rs 31,00,000. The stamp duty, calculated at 7%, would be Rs 2,17,000, while the registration fee at 2% would be Rs 62,000. Together, the total cost for stamp duty and registration fee would be Rs 2,79,000. 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 detailed calculations.

Which Sub Registrar Office covers Vivegananda Nagar 2nd Street?

The Vivegananda Nagar 2nd Street is covered by 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. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property in Ramapuram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers must refer to the guideline value to understand the financial implications of their property dealings.

When a property is sold, the guideline value helps ensure that the sale price aligns with government regulations. This ensures transparency and compliance with local laws, making the registration process smoother for both parties involved.

Frequently asked questions

What is the current guideline value of Vivegananda Nagar 2nd Street?

The current guideline value of Vivegananda Nagar 2nd Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then back to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

The stamp duty for a property valued at Rs 31,00,000 is Rs 2,17,000, and the registration fee is Rs 62,000, totaling Rs 2,79,000.

Which office handles registrations for Vivegananda Nagar 2nd Street?

The Chennai South Joint II Sub Registrar Office handles registrations for Vivegananda Nagar 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Vivegananda Nagar 2nd Street?

The land classification for Vivegananda Nagar 2nd Street is Residential Class II Type - I.