Guideline Value for Vivekananda Street

Vivekananda Street guideline value

The current guideline value of Vivekananda Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village, under the Alandur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Vivekananda Street has changed

The guideline value for Vivekananda Street has seen several revisions over the years. Starting from Rs 172 per sq.ft in 2002, it increased to Rs 193 per sq.ft in 2003. The value then saw a significant rise to Rs 1,000 per sq.ft in 2007, followed by a decrease to Rs 2,500 per sq.ft in 2012. The value further dropped to Rs 1,675 per sq.ft in 2017, before increasing to Rs 2,500 per sq.ft in 2023. The latest revision in 2024 has set the guideline value at Rs 2,800 per sq.ft.

Between these revisions, the changes were notable. From 2002 to 2003, the increase was +12%. The value surged by +418% from 2003 to 2007. This was followed by a +150% increase from 2007 to 2012, a -33% decrease from 2012 to 2017, and a +49% increase from 2017 to 2023. The most recent change from 2023 to 2024 reflects a +12% increase, culminating in an overall increase of +1528% from 2002 to 2024.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,800 per sq.ft, which is equal to the current guideline value of Vivekananda Street.

• V O C Street: Rs 2,800 per sq.ft (2024)
• Vikneshwarar Nagar Main: Rs 2,800 per sq.ft (2024)
• Vikneshwarar 3rd Street: Rs 2,800 per sq.ft (2024)
• Vikneshwarar 2nd Street: Rs 2,800 per sq.ft (2024)
• Vikneshwarar 1st Street: Rs 2,800 per sq.ft (2024)
• Vikneshwara Nagar Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekananda Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, making the total cost for these fees Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vivekananda Street?

The Vivekananda Street is covered by the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Ullagaram. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vivekananda Street?

The current guideline value of Vivekananda Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 172 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, with various increases and decreases in between.

What is the registration fee for property in Vivekananda Street?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 28,00,000, the registration fee would be Rs 56,000.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Ullagaram?

Stamp duty is charged at 7% of the higher amount between the guideline value and the sale price of the property. This ensures that the correct amount is collected during property transactions.