Guideline Value for Vivek Nagar Extension

Vivek Nagar Extension guideline value

The current guideline value of Vivek Nagar Extension is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Perungalathur village under the Padappai SRO, classified as Residential Class IV Type - I.

How the guideline value of Vivek Nagar Extension has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft. This figure remained until the 2017 revision, which saw a decrease to Rs 804 per sq.ft. Following this, the value increased to Rs 1,200 per sq.ft in 2023. Finally, the 2024 revision set the current value at Rs 1,320 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,500 per sq.ft, with a median of Rs 2,310 per sq.ft. The guideline value of Vivek Nagar Extension is below this median.

• Vivek Nagar: Rs 1,980 per sq.ft (2024)
• V.N.Apartments: Rs 2,640 per sq.ft (2024)
• Vivekananda Street: Rs 2,640 per sq.ft (2024)
• V.O.C Street: Rs 2,640 per sq.ft (2024)
• Vishnu Nagar Extn II: Rs 1,980 per sq.ft (2024)
• Vishnu Nagar 4th Street: Rs 2,310 per sq.ft (2024)

Stamp duty and registration fee for property in Vivek Nagar Extension

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 13,20,000. The stamp duty at 7% amounts to Rs 92,400, while the registration fee at 2% is Rs 26,400, bringing the total to Rs 1,18,800. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vivek Nagar Extension?

The Vivek Nagar Extension falls under the Padappai Sub Registrar Office located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Perungalathur, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is important for buyers and sellers to be aware of the current guideline value, as it influences the overall cost of the transaction. Proper understanding of these values can aid in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Vivek Nagar Extension?

The current guideline value of Vivek Nagar Extension is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase of 10% from Rs 1,200 per sq.ft in 2023 to Rs 1,320 per sq.ft in 2024. The value was Rs 804 per sq.ft in 2017, and Rs 1,200 per sq.ft in 2012.

What is the classification of land in Vivek Nagar Extension?

The land in Vivek Nagar Extension is classified as Residential Class IV Type - I. This classification is important for determining the guideline value and other regulatory aspects.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where can I find the Sub Registrar Office for Vivek Nagar Extension?

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