Guideline Value for NEW VISION TOWNSHIP PHASE - II

New Vision Township Phase - II guideline value

The current guideline value for New Vision Township Phase - II is Rs 2,480 per sq.ft, effective from 1 July 2024. This property is located in Vengambakkam village, under the Tambaram Joint 1 SRO, with a land classification of Mixed Type - III.

How the guideline value of New Vision Township Phase - II has changed

The guideline value for New Vision Township Phase - II has undergone several revisions over the years. The 2017 revision set the value at Rs 1,500 per sq.ft. This figure increased to Rs 2,250 per sq.ft in the 2023 revision, marking a 50% increase. The most recent 2024 revision has set the guideline value at Rs 2,480 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 65%. It is important to note that there are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO that have 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, placing New Vision Township Phase - II's 2024 guideline value above this median.

• New Vision Township Phase - I: Rs 2,480 per sq.ft (2024)
• New Vision Township Phase-IV: Rs 2,970 per sq.ft (2024)
• New Vision Township: Rs 2,480 per sq.ft (2024)
• New Vision Township Phase VI: Rs 3,580 per sq.ft (2024)
• Nagathamman Koil Street: Rs 440 per sq.ft (2024)
• Murugan Nagar Phase-IV: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in New Vision Township Phase - II

For a 1,000 sq.ft plot at the current guideline value of Rs 2,480 per sq.ft, the total guideline value amounts to Rs 24,80,000. The stamp duty at 7% would be Rs 1,73,600, while the registration fee at 2% would be Rs 49,600, bringing the total to Rs 2,23,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers New Vision Township Phase - II?

The Sub Registrar Office that covers New Vision Township Phase - II 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 details.

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

The guideline value is a critical factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Vengambakkam, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties adhere to the legal requirements.

Additionally, the guideline value helps maintain transparency in property transactions, providing a standardized measure for property valuation. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value for New Vision Township Phase - II?

The current guideline value for New Vision Township Phase - II is Rs 2,480 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 1,500 per sq.ft to Rs 2,480 per sq.ft in 2024, marking an overall increase of 65%.

What is the role of the Tambaram Joint 1 SRO?

The Tambaram Joint 1 SRO is responsible for property registrations in the area, including New Vision Township Phase - II. It ensures compliance with local regulations and maintains records of property transactions.

How is stamp duty calculated for properties in Vengambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 24,80,000 would incur a stamp duty of Rs 1,73,600 at a rate of 7%.

Where can I find more information about property registration fees?

For detailed calculations and information regarding property registration fees, you can use the stamp duty and registration fee calculator.