Guideline Value for Vivekanandha Nagar 2nd Street

Vivekanandha Nagar 2nd Street guideline value

The current guideline value of Vivekanandha Nagar 2nd 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 2nd Street has changed

The guideline value for Vivekanandha Nagar 2nd Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017, before increasing again to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The change from 2023 to 2024 reflects an increase of 8%. Overall, from 2012 to 2024, the guideline value has increased by 8%.

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 guideline value for these streets is Rs 2,700 per sq.ft, which is equal to the 2024 figure for Vivekanandha Nagar 2nd Street.

• Vivekanandha Nagar 1st 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 2nd 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, resulting in a total of Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vivekanandha Nagar 2nd Street?

The Vivekanandha Nagar 2nd Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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 benchmark for determining the stamp duty and registration fees applicable to the sale of property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process is aligned with the current market conditions as reflected in the guideline values.

Frequently asked questions

What is the current guideline value of Vivekanandha Nagar 2nd Street?

The current guideline value of Vivekanandha Nagar 2nd 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 increased 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 for Vivekanandha Nagar 2nd Street?

Vivekanandha Nagar 2nd Street is classified as Residential Class I Type - I.

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

Stamp duty is charged at 7% and the registration fee at 2% of the higher of the guideline value or the sale price. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,43,000.

Which office handles the registration for Vivekanandha Nagar 2nd Street?

The Madhavaram Sub Registrar Office handles the registration for Vivekanandha Nagar 2nd Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.