Guideline Value for Vivekanandhar Street

Vivekanandhar Street guideline value

The current guideline value of Vivekanandhar Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in 1. Nolambur village, under the jurisdiction of the Villivakkam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Vivekanandhar Street has changed

The guideline value for Vivekanandhar Street has undergone several revisions over the years. The earliest recorded value is from 2017, where it was set at Rs 3,350 per sq.ft. This figure increased to Rs 5,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 saw the guideline value increase to Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in 1. Nolambur

In 1. Nolambur, there are 73 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, which means that Vivekanandhar Street's 2024 figure is below that median.

• Vinoth Vineksha: Rs 7,100 per sq.ft (2024)
• Vignesh Nagar Phase I & II: Rs 7,100 per sq.ft (2024)
• Vignesh Nagar: Rs 7,100 per sq.ft (2024)
• V.G.N.Zodiac Ville: Rs 7,100 per sq.ft (2024)
• V.G.N Nagar Phase I,II,III: Rs 7,100 per sq.ft (2024)
• V.G.N Nagar Phase I: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekanandhar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty, calculated at 7%, would be Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, the total fees would amount to Rs 4,95,000. 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 Vivekanandhar Street?

The Sub Registrar Office that covers Vivekanandhar Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

How the guideline value is used when you buy or sell in 1. Nolambur

The guideline value plays a crucial role in the registration process when buying or selling property in 1. Nolambur. It serves as a benchmark for determining the stamp duty and registration fees applicable on the transaction, ensuring that the fees are calculated based on the official guideline value or the sale price, whichever is higher.

This ensures transparency and fairness in property transactions, as the guideline value is regularly updated to reflect changes in the real estate market. Buyers and sellers should be aware of the current guideline value to accurately assess their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value for Vivekanandhar Street?

The current guideline value for Vivekanandhar Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Vivekanandhar Street has increased from Rs 3,350 per sq.ft in 2017 to Rs 5,500 per sq.ft in 2024, marking a total increase of 64% over these years.

What are the guideline values for other streets in 1. Nolambur?

Other streets in 1. Nolambur have a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft, with a median value of Rs 7,100 per sq.ft.

What fees are associated with buying property in Vivekanandhar Street?

When buying property in Vivekanandhar Street, the stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For example, a 1,000 sq.ft plot would incur total fees of Rs 4,95,000.

Where can I find the Sub Registrar Office for Vivekanandhar Street?

The Villivakkam Sub Registrar Office, which covers Vivekanandhar Street, is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find more details about your SRO through the provided link.