Guideline Value for Vivek Nagar

Vivek Nagar guideline value

The current guideline value of Vivek Nagar is Rs 5,100 per sq.ft, effective from 1 July 2024. This area falls under Ambattur village and is classified as Residential Special Type - I, governed by the Ambattur Sub Registrar Office (SRO).

How the guideline value of Vivek Nagar has changed

In the 2012 revision, the guideline value was set at Rs 4,700 per sq.ft. This figure decreased to Rs 3,149 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 4,700 per sq.ft. The latest revision in 2024 has seen the guideline value rise to Rs 5,100 per sq.ft, reflecting a 9% increase from the previous year.

It is important to note that there are no guideline value figures available for the years 2002, 2003, and 2007 for this street. Overall, comparing the values from 2012 to 2024, there has been an increase of 9% in the guideline value.

Guideline values in Ambattur

In Ambattur village, there are 448 streets under the Ambattur SRO with a 2024 guideline value ranging from Rs 1,400 to Rs 8,209 per sq.ft. The median guideline value for these streets is Rs 3,600 per sq.ft, indicating that the guideline value of Vivek Nagar is above this median.

• Vivek Nagar Ramasamy Mudali Street: Rs 5,100 per sq.ft (2024)
• Vivek Nagar Varathammal Street: Rs 5,100 per sq.ft (2024)
• V.O.C. Street (M.K.B. nagar): Rs 2,200 per sq.ft (2024)
• V.O.C Street (Venkatapuram): Rs 3,600 per sq.ft (2024)
• Vinobaji Street: Rs 3,600 per sq.ft (2024)
• Vijayaragavachari Street: Rs 3,600 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 5,100 per sq.ft, the total guideline value amounts to Rs 51,00,000. The stamp duty is calculated at 7%, which totals Rs 3,57,000, while the registration fee at 2% amounts to Rs 1,02,000. Therefore, the total cost for stamp duty and registration fee together is Rs 4,59,000. 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 Vivek Nagar?

The Vivek Nagar area is covered by the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is an important factor in the registration process of property transactions in Ambattur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transfer of ownership. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Vivek Nagar?

The current guideline value of Vivek Nagar is Rs 5,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,700 per sq.ft in 2023 to Rs 5,100 per sq.ft in 2024, an increase of 9%. From 2017 to 2023, it increased by 49% from Rs 3,149 per sq.ft to Rs 4,700 per sq.ft.

What is the land classification of Vivek Nagar?

Vivek Nagar is classified as Residential Special Type - I, which indicates its suitability for residential development.

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

The Sub Registrar Office covering Vivek Nagar is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How are stamp duty and registration fees calculated in Ambattur?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at the guideline value of Rs 5,100 per sq.ft has a total guideline value of Rs 51,00,000.