Guideline Value for Vivek Nagar

Vivek Nagar guideline value

The current guideline value of Vivek Nagar, located in Perungalathur village under the Padappai SRO, is Rs 1,980 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Vivek Nagar has changed

Over the years, the guideline value of Vivek Nagar has seen several revisions. The earliest recorded value was Rs 250 per sq.ft in 2007, which increased significantly to Rs 1,800 per sq.ft in 2012, marking a 620% rise. However, between 2012 and 2017, the value dropped to Rs 1,206 per sq.ft, reflecting a decrease of 33%. The value then rose again to Rs 1,800 per sq.ft in 2023, before reaching the current figure of Rs 1,980 per sq.ft in 2024, which is a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the initial value in 2007 to the current value in 2024, there has been a remarkable increase of 692%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Perungalathur

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

• Vivek Nagar Extension: Rs 1,320 per sq.ft (2024)
• Vivekananda Street: Rs 2,640 per sq.ft (2024)
• V.N.Apartments: Rs 2,640 per sq.ft (2024)
• Vishnu Nagar Extn II: Rs 1,980 per sq.ft (2024)
• V.O.C Street: Rs 2,640 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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total to Rs 1,78,200. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vivek Nagar?

The Sub Registrar Office that covers Vivek Nagar is 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 plays a crucial role during the registration of property transactions in Perungalathur. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, it is important to be aware of the guideline value, as it affects the overall costs associated with the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal issues during registration.

Frequently asked questions

What is the current guideline value of Vivek Nagar?

The current guideline value of Vivek Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of 692% over the years.

What are the stamp duty and registration fees for property in Vivek Nagar?

For a property valued at Rs 19,80,000, the stamp duty would be Rs 1,38,600 and the registration fee would be Rs 39,600, totaling Rs 1,78,200.

Where is the Sub Registrar Office for Vivek Nagar located?

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

What is the land classification of Vivek Nagar?

Vivek Nagar is classified as Residential Class III Type - I, which is relevant for determining the guideline value and other regulatory aspects.