Guideline Value for Vivek Nagar

Vivek Nagar guideline value

The current guideline value of Vivek Nagar, located in Hastinapuram village under the Pallavaram SRO, is Rs 2,970 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Vivek Nagar has changed

The guideline value for Vivek Nagar has seen significant changes over the years. In 2007, the value was Rs 400 per sq.ft, which increased to Rs 2,700 per sq.ft in 2012. However, this figure dropped by 33% to Rs 1,809 per sq.ft in 2017. Following this, the value rose sharply by 49% to Rs 2,700 per sq.ft in 2023, and then increased by 10% to the current value of Rs 2,970 per sq.ft in 2024. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 643%. The revisions reflect the changing landscape and valuation of properties in the area, with the most recent adjustment marking a steady increase in value.

Guideline values in Hastinapuram

Hastinapuram village has a total of 277 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 2,970 per sq.ft, which aligns with the current guideline value for Vivek Nagar.

• Vivekanada Street: Rs 3,850 per sq.ft (2024)
• V.O.C 1st Street & 2nd Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 9th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 8th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 7th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 6th Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Vivek Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty, charged at 7%, would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total fees to Rs 2,67,300. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vivek Nagar?

The Vivek Nagar area falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Hastinapuram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a property is sold, the buyer must pay the stamp duty based on the higher value between the guideline value and the actual sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vivek Nagar?

The current guideline value of Vivek Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 400 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, marking a total increase of 643% over the years.

What are the other streets in Hastinapuram with the same guideline value?

Other streets in Hastinapuram with the same guideline value of Rs 2,970 per sq.ft include V.O.C 1st Street & 2nd Street, Vinobaji Nagar 9th Street, Vinobaji Nagar 8th Street, Vinobaji Nagar 7th Street, and Vinobaji Nagar 6th Street.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated in Vivek Nagar?

The stamp duty in Vivek Nagar is calculated at 7% of the higher value between the guideline value and the sale price. For example, for a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900.