Guideline Value for Vivekanandha Nagar 1st Street

Vivekanandha Nagar 1st Street guideline value

The current guideline value of Vivekanandha Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Vivekanandha Nagar 1st Street has changed

Over the years, the guideline value of Vivekanandha Nagar 1st Street has undergone several revisions. The earliest recorded revision for this street is from 2012, where the guideline value was Rs 2,500 per sq.ft. In 2017, it decreased to Rs 1,675 per sq.ft, marking a decline of 33%. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and then further rose to Rs 2,700 per sq.ft in the 2024 revision, reflecting an increase of 8% from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the 2012 and 2024 values, there has been a total increase of 8% in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value is Rs 2,700 per sq.ft, which matches the guideline value of Vivekanandha Nagar 1st Street.

• Vivekanandha Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Vivekananda Street: Rs 2,700 per sq.ft (2024)
• Vivekanandar Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Vivekananda 2nd Street: Rs 2,700 per sq.ft (2024)
• Vivekananda 1st Street: Rs 2,700 per sq.ft (2024)
• Visalakshi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekanandha Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total cost Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vivekanandha Nagar 1st Street?

The Vivekanandha Nagar 1st Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Kodungaiyur. It serves as a reference point 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, the guideline value helps in assessing the fair value of the property, which can influence negotiations between buyers and sellers. It is essential for both parties to be aware of the guideline value to avoid disputes and ensure a smooth transaction process.

Frequently asked questions

What is the current guideline value of Vivekanandha Nagar 1st Street?

The current guideline value of Vivekanandha Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification of Vivekanandha Nagar 1st Street?

Vivekanandha Nagar 1st Street is classified as Residential Class I Type - I.

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%. For example, on a 1,000 sq.ft plot, the total costs would amount to Rs 2,43,000.

Which office handles registrations for Vivekanandha Nagar 1st Street?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, handles registrations for Vivekanandha Nagar 1st Street.