Guideline Value for Vivekananda Nagar (NP)

Vivekananda Nagar (NP) guideline value

The current guideline value of Vivekananda Nagar (NP) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this street is Residential Class V Type - I.

How the guideline value of Vivekananda Nagar (NP) has changed

The guideline value of Vivekananda Nagar (NP) has seen several revisions over the years. In the 2007 revision, the value was Rs 620 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in the 2012 revision. However, it then decreased by 33% to Rs 1,340 per sq.ft in the 2017 revision. The value further increased to Rs 2,000 per sq.ft in the 2023 revision, and currently stands at Rs 2,200 per sq.ft as per the 2024 revision, reflecting a 10% increase from the previous year.

Overall, from the 2007 revision to the current 2024 revision, the guideline value has risen by 255%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 4,900 per sq.ft. The guideline value of Vivekananda Nagar (NP) is below this median.

• Vivekanandapuram 1st Street(Adhikesavapuram) (W.M): Rs 6,600 per sq.ft (2024)
• Vivekanandar Street: Rs 3,300 per sq.ft (2024)
• Vivekananda Street (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• V.K. Krishnan Street: Rs 3,300 per sq.ft (2024)
• V.M. Balakrishnan Street: Rs 4,900 per sq.ft (2024)
• V.N. Janaki Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekananda Nagar (NP)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that 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 Vivekananda Nagar (NP)?

The Sub Registrar Office that covers Vivekananda Nagar (NP) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the current guideline value, as it influences the overall cost of transactions. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Vivekananda Nagar (NP)?

The current guideline value of Vivekananda Nagar (NP) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 620 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 255% over the years.

What are the stamp duty and registration fees in Vivekananda Nagar (NP)?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Which office handles registrations for Vivekananda Nagar (NP)?

The Ashok Nagar Sub Registrar Office handles registrations for Vivekananda Nagar (NP), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How does the guideline value affect property transactions?

The guideline value establishes the minimum price for property registration, influencing the stamp duty and registration fees. Buyers must consider this value to ensure compliance with legal requirements during property transactions.