Guideline Value for victory avenue

Victory Avenue guideline value

The current guideline value of Victory Avenue in Vengambakkam village is Rs 1,320 per sq.ft, effective from 1 July 2024. This property falls under the Tambaram Joint 1 SRO and is classified as Residential Special Type - III.

How the guideline value of Victory Avenue has changed

The guideline value for Victory Avenue has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 1,320 per sq.ft, which is an increase from Rs 1,200 per sq.ft in 2023, marking a change of +10%. Prior to that, the 2017 revision recorded a value of Rs 804 per sq.ft, reflecting a significant increase of +49% by 2023. The 2012 revision also had a value of Rs 1,200 per sq.ft, which was a decrease of -33% from the 2017 figure.

Overall, from 2012 to 2024, the guideline value has seen a modest increase of +10%. It's important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 5,000 per sq.ft. The median value for these streets is Rs 770 per sq.ft, positioning Victory Avenue's 2024 figure above this median.

• Victory Avenue Extn: Rs 1,320 per sq.ft (2024)
• Victor Avenue 1st Main Road: Rs 1,430 per sq.ft (2024)
• V.O.C. Street: Rs 440 per sq.ft (2024)
• Western Gate of Daniel: Rs 3,300 per sq.ft (2024)
• Vasantham Avenue Extension: Rs 1,430 per sq.ft (2024)
• Vamanan Small City: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Victory Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that the 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 details.

Which Sub Registrar Office covers Victory Avenue?

The Sub Registrar Office that covers Victory Avenue is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Vengambakkam

The guideline value is a critical factor in the registration process when buying or selling property in Vengambakkam. It determines the minimum value at which the property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate taxes on property transactions.

Frequently asked questions

What is the current guideline value of Victory Avenue?

The current guideline value of Victory Avenue is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,320 per sq.ft in 2024, a +10% increase. It was Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012, indicating fluctuations over the years.

What are the registration fees for property in Victory Avenue?

The registration fees are based on the guideline value. For a property valued at Rs 13,20,000, the registration fee would be Rs 26,400 at 2% of the guideline value.

Which office handles the registration for Victory Avenue?

The Tambaram Joint 1 Sub Registrar Office handles the registration for Victory Avenue, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the guideline value determined?

The guideline value is determined by the Registration Department's guideline value register, which is revised periodically to reflect changes in property values in the area.