Guideline Value for Vivekanada Street Extn.

Vivekanada Street Extn. guideline value

The current guideline value of Vivekanada Street Extn. in Zaminpallavaram village, under the Pallavaram SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under Residential Class II Type - I land classification.

How the guideline value of Vivekanada Street Extn. has changed

The guideline value for Vivekanada Street Extn. has seen several revisions over the years. In 2003, the value was Rs 486 per sq.ft, which increased to Rs 800 per sq.ft in 2007. The 2012 revision maintained the value at Rs 2,500 per sq.ft, but this was followed by a significant drop to Rs 1,675 per sq.ft in 2017. The value then rose again to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft as of the 2024 revision. The register has no figure for this street in 2002.

Between the revisions, several notable changes occurred. The value increased by 65% from 2003 to 2007, followed by a 213% increase from 2007 to 2012. However, there was a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and finally increased by 10% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 466%.

Guideline values in Zaminpallavaram

Zaminpallavaram has a total of 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, making the current value of Vivekanada Street Extn. below the median.

• Vivekanada Street: Rs 3,300 per sq.ft (2024)
• Vivekanadar Street (Near Kolappan Street): Rs 2,750 per sq.ft (2024)
• Vivekanadar Street (Near Chandrasekaran Street): Rs 2,750 per sq.ft (2024)
• Vivekanadar Street (Gandhi Nagar inside): Rs 2,750 per sq.ft (2024)
• Vivekanada Cross Street: Rs 3,300 per sq.ft (2024)
• Viswanathan Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekanada Street Extn.

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. Please note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vivekanada Street Extn.?

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

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

The guideline value is a crucial factor in property transactions in Zaminpallavaram. It is used to determine the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are based on this value or the sale price, whichever is higher. This ensures transparency and uniformity in property transactions.

Frequently asked questions

What is the current guideline value of Vivekanada Street Extn.?

The current guideline value of Vivekanada Street Extn. is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 486 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, with several revisions in between. Notably, it increased by 466% overall from 2003 to 2024.

What is the land classification of Vivekanada Street Extn.?

Vivekanada Street Extn. is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for this area?

The Pallavaram Sub Registrar Office, which covers Vivekanada Street Extn., is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.