Guideline Value for DR. VIMALA NAGAR

Dr. Vimala Nagar guideline value

The current guideline value of Dr. Vimala Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this street is Commercial Class I Type - III.

How the guideline value of Dr. Vimala Nagar has changed

The guideline value for Dr. Vimala Nagar has seen significant changes over the years. The earliest recorded figure is from 2002, where the value was Rs 239 per sq.ft. This increased to Rs 277 per sq.ft in 2003, marking a rise of 16%. Following this, the value surged to Rs 900 per sq.ft in 2007, reflecting a remarkable increase of 225%. In 2012, the value was recorded at Rs 2,500 per sq.ft, which was a decrease of 33% from the previous revision. The guideline value then increased to Rs 1,675 per sq.ft in 2017, showing a 49% rise. In 2023, the value was set at Rs 2,500 per sq.ft, and finally, in 2024, it reached the current value of Rs 2,750 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,051%. There are no figures available for revisions in the years not listed, ensuring that all changes are accounted for accurately.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Dr. Vimala Nagar's 2024 figure above this median.

• Dr. Ramaiyah Nagar Part 1 And II: Rs 2,750 per sq.ft (2024)
• Dr. Ramadoss Street: Rs 2,200 per sq.ft (2024)
• Dr. Bhaktha Reddy Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Dr. Bhaktha Reddy Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Dr. Bhaktha Reddy Nagar: Rs 2,200 per sq.ft (2024)
• Dr. Ambethkar Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Dr. Vimala Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Dr. Vimala Nagar?

Dr. Vimala Nagar is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid. Buyers and sellers must be aware of the current guideline value to accurately assess the financial implications of their transactions.

When a property is sold, the registration office uses the guideline value to calculate the applicable duties. This ensures that the fees are based on a standardized value, providing transparency in property transactions.

Frequently asked questions

What is the current guideline value of Dr. Vimala Nagar?

The current guideline value of Dr. Vimala Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 239 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1,051% over the years.

What are the stamp duty and registration fees for property in Dr. Vimala Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,50,000. The stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Dr. Vimala Nagar?

The Chennai South Joint I Sub Registrar Office covers Dr. Vimala Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Dr. Vimala Nagar?

The land classification for Dr. Vimala Nagar is Commercial Class I Type - III.