Guideline Value for vasavi nagar

Vasavi Nagar guideline value

The current guideline value of Vasavi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - III.

How the guideline value of Vasavi Nagar has changed

The guideline value for Vasavi Nagar has seen several revisions over the years. The 2012 revision recorded a value of Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 1,500 per sq.ft in 2023, and further rose to Rs 1,650 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2024, the overall change in guideline value is an increase of 10%. The 2023 to 2024 revision reflects a 10% increase, while the jump from 2017 to 2023 shows a substantial rise of 49%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which aligns with the current value for Vasavi Nagar.

• Vasugi Nagar: Rs 2,750 per sq.ft (2024)
• Vedandam Colony 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Vedandam Colony Border Street: Rs 2,750 per sq.ft (2024)
• Vedandam Colony Ist Street: Rs 2,750 per sq.ft (2024)
• Vedandam Colony Main Road: Rs 2,750 per sq.ft (2024)
• Vedandam Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vasavi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is essential to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vasavi Nagar?

The Vasavi Nagar area falls under the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. This value is used by the registration office to calculate the applicable stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, helping to maintain transparency in the real estate market. Buyers and sellers should be aware of the current guideline value to make informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of Vasavi Nagar?

The current guideline value of Vasavi Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the stamp duty for property in Vasavi Nagar?

The stamp duty for property in Vasavi Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. For a plot valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500.

Where is the Sub Registrar Office for Vasavi Nagar located?

The Sub Registrar Office covering Vasavi Nagar is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.

What is the land classification for Vasavi Nagar?

Vasavi Nagar is classified as Residential Class I Type - III, indicating its designation for residential use within the area.