Guideline Value for Vivekananda Nagar Extension

Vivekananda Nagar Extension guideline value

The current guideline value of Vivekananda Nagar Extension is Rs 3,000 per sq.ft, effective from 1 July 2024. This area is located in Erukancherry village under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Vivekananda Nagar Extension has changed

The guideline value for Vivekananda Nagar Extension has experienced several revisions over the years. The 2012 revision set the value at Rs 2,800 per sq.ft, which was followed by a decrease to Rs 1,876 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 2,800 per sq.ft, and the most recent revision in 2024 increased it further to Rs 3,000 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023, and by 7% from 2023 to 2024. However, there was a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Erukancherry

In Erukancherry village, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, positioning Vivekananda Nagar Extension above this median.

• Vivekananda Nagar 1st Link Street: Rs 3,000 per sq.ft (2024)
• Vivekanandha 1st Street: Rs 3,000 per sq.ft (2024)
• Visalakshi Street: Rs 2,700 per sq.ft (2024)
• Visalakshi 5th Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi 4th Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)
• Visalakshi 3rd Cross Street (Lakshmi amman Nagar): Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekananda Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,000 per sq.ft, the total guideline value amounts to Rs 30,00,000. The stamp duty at 7% is Rs 2,10,000, and the registration fee at 2% is Rs 60,000, bringing the total charges to Rs 2,70,000. 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 Vivekananda Nagar Extension?

The Vivekananda Nagar Extension falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a critical component in the property registration process in Erukancherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a buyer or seller engages in a property transaction, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures transparency and helps in maintaining a standard valuation for properties in the area.

Frequently asked questions

What is the current guideline value of Vivekananda Nagar Extension?

The current guideline value of Vivekananda Nagar Extension is Rs 3,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with a significant increase from Rs 1,876 per sq.ft in 2017 to Rs 3,000 per sq.ft in 2024. The value also increased by 7% from 2023 to 2024.

What is the land classification for Vivekananda Nagar Extension?

Vivekananda Nagar Extension is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value or sale price. For example, a 1,000 sq.ft plot at Rs 3,000 per sq.ft incurs a total of Rs 2,70,000 in charges.

Which office handles property registrations in Vivekananda Nagar Extension?

The Madhavaram Sub Registrar Office handles property registrations for Vivekananda Nagar Extension, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.