Guideline Value for Vivekanandar Street

Vivekanandar Street guideline value

The current guideline value of Vivekanandar Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and falls under the Residential Class IV Type - I land classification.

How the guideline value of Vivekanandar Street has changed

The guideline value for Vivekanandar Street has seen several revisions over the years. In 2002, the value was Rs 343 per sq.ft, which increased to Rs 380 per sq.ft in 2003. The value then rose significantly to Rs 750 per sq.ft in 2007, followed by a substantial jump to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017. The value was then revised to Rs 3,000 per sq.ft in 2023, and the latest revision has set it at Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 862%. The register has no figure for the years not listed in the revisions.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Vivekanandar Street's 2024 figure is below this median.

• Vishnu Avenue: Rs 3,300 per sq.ft (2024)
• Vinayagam Street: Rs 4,950 per sq.ft (2024)
• Vinayagam Avenue: Rs 4,950 per sq.ft (2024)
• West Vanniyar Street: Rs 3,300 per sq.ft (2024)
• West Vanniyar Street 1st Cross Street: Rs 3,300 per sq.ft (2024)
• West Vanniyar Street 2nd Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekanandar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vivekanandar Street?

The Sub Registrar Office that covers Vivekanandar Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property, as it determines the minimum value at which a property can be registered. It is used to calculate the stamp duty and registration fees, ensuring that these costs are based on the official value set by the government.

When a property is sold, the guideline value helps in establishing a fair basis for the transaction, as it reflects the official valuation of the property in that area. Buyers and sellers should be aware of the guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Vivekanandar Street?

The current guideline value of Vivekanandar Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 343 per sq.ft to Rs 3,300 per sq.ft in 2024, marking an overall increase of 862%.

What is the land classification for Vivekanandar Street?

Vivekanandar Street falls under the Residential Class IV Type - I land classification.

What are the stamp duty and registration fees for property in Vivekanandar Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 33,00,000. The stamp duty at 7% is Rs 2,31,000, and the registration fee at 2% is Rs 66,000, totaling Rs 2,97,000.

Which office handles the registration for properties on Vivekanandar Street?

The Virugambakkam Sub Registrar Office handles the registration for properties on Vivekanandar Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.