Guideline Value for Vivekanandha Nagar

Vivekanandha Nagar guideline value

The current guideline value of Vivekanandha Nagar is Rs 825 per sq.ft, effective from 1 July 2024. This locality is situated in Kavulbazaar village, under the Pammal Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - I.

How the guideline value of Vivekanandha Nagar has changed

The guideline value of Vivekanandha Nagar has seen significant changes over the years. The register shows no figures for the years 2002, 2003, 2007, and 2012. In 2017, the guideline value was Rs 502 per sq.ft, which increased to Rs 750 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 has set the value at Rs 825 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. The consistent upward trend in the guideline value highlights the evolving landscape of property valuation in this area.

Guideline values in Kavulbazaar

Kavulbazaar village has a range of guideline values across its 44 streets under the Pammal SRO, with values ranging from Rs 825 to Rs 4,500 per sq.ft. The median guideline value for these streets is Rs 825 per sq.ft, which is the same as the current guideline value for Vivekanandha Nagar. Below are other streets in Kavulbazaar:

• Yasodha Nagar: Rs 825 per sq.ft (2024)
• Vgn Southern Garden Extn: Rs 1,100 per sq.ft (2024)
• VGN Souther Garden: Rs 1,100 per sq.ft (2024)
• Sudharma: Rs 1,100 per sq.ft (2024)
• Sri Sai Nagar: Rs 1,100 per sq.ft (2024)
• Rathinavel Nagar: Rs 825 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekanandha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 825 per sq.ft, the total guideline value amounts to Rs 8,25,000. The stamp duty at 7% would be Rs 57,750, and the registration fee at 2% would be Rs 16,500, bringing the total cost for these fees to Rs 74,250. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vivekanandha Nagar?

The Vivekanandha Nagar area falls under the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Kavulbazaar. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that all transactions are conducted fairly and transparently, adhering to the regulations set by the Registration Department.

Additionally, the guideline value serves as a reference point for both buyers and sellers during negotiations. It reflects the officially recognized value of the property, which can help in making informed decisions in the real estate market.

Frequently asked questions

What is the current guideline value of Vivekanandha Nagar?

The current guideline value of Vivekanandha Nagar is Rs 825 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

From 2017 to 2024, the guideline value increased from Rs 502 per sq.ft to Rs 825 per sq.ft, marking a total increase of 64%. The most recent change was a 10% increase from Rs 750 per sq.ft in 2023.

What is the land classification for Vivekanandha Nagar?

The land classification for Vivekanandha Nagar is Residential Class II Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for a property in Vivekanandha Nagar?

For a 1,000 sq.ft property valued at Rs 8,25,000, the stamp duty would be Rs 57,750 and the registration fee would be Rs 16,500, totaling Rs 74,250.

Which office handles registrations for Vivekanandha Nagar?

The Pammal Sub Registrar Office handles registrations for Vivekanandha Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.