Guideline Value for Vivekananda Street (M.G.R.Nagar)

Vivekananda Street (M.G.R.Nagar) guideline value

The current guideline value for Vivekananda Street (M.G.R.Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Vivekananda Street (M.G.R.Nagar) has changed

In the 2012 revision, the guideline value was set at Rs 3,000 per sq.ft. However, this figure dropped to Rs 2,010 per sq.ft in the 2017 revision, marking a decrease of 33%. The value then saw a significant increase of 49% in the 2023 revision, bringing it back up to Rs 3,000 per sq.ft. The latest revision in 2024 has further increased the guideline value to Rs 3,300 per sq.ft, reflecting a 10% rise from the previous year.

It is important to note that there are no registered figures for Vivekananda Street in the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Vivekananda Street's 2024 figure below that median.

• Vivekanandar Street: Rs 3,300 per sq.ft (2024)
• Vivekanandapuram 1st Street(Adhikesavapuram) (W.M): Rs 6,600 per sq.ft (2024)
• Vivekananda Nagar (NP): Rs 2,200 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 Street (M.G.R.Nagar)

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vivekananda Street (M.G.R.Nagar)?

The Sub Registrar Office that covers Vivekananda Street (M.G.R.Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By 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 critical factor in the registration of property transactions in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the property transfer process.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value for Vivekananda Street (M.G.R.Nagar)?

The current guideline value for Vivekananda Street (M.G.R.Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Vivekananda Street has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase. The value was Rs 2,010 per sq.ft in 2017, showing a 49% increase from that year to 2023.

What is the land classification for Vivekananda Street?

The land classification for Vivekananda Street (M.G.R.Nagar) is Residential Class IV Type - II.

Where can I find the registration office for Vivekananda Street?

The registration office for Vivekananda Street (M.G.R.Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for property in Vivekananda Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 2,31,000.