Guideline Value for NEW VISION TOWNSHIP PHASE - I

New Vision Township Phase - I guideline value

The current guideline value for New Vision Township Phase - I is Rs 2,480 per sq.ft. This property is located in Vengambakkam village, under the Tambaram Joint 1 SRO, and is classified as Mixed Type - III land.

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

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

From the 2017 revision to the 2023 revision, there was a significant increase of 50%. Overall, from 2017 to 2024, the guideline value has risen by 65%. It is important to note that the register has no figures for 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 carry a 2024 guideline value ranging from Rs 440 to Rs 5,000 per sq.ft, with a median value of Rs 770 per sq.ft. New Vision Township Phase - I's guideline value of Rs 2,480 per sq.ft is above this median.

• New Vision Township: Rs 2,480 per sq.ft (2024)
• New Vision Township Phase - II: Rs 2,480 per sq.ft (2024)
• New Vision Township Phase - IV: Rs 2,970 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 - I

For a 1,000 sq.ft plot at the current guideline value of Rs 2,480 per sq.ft, the total guideline value would be Rs 24,80,000. The stamp duty at 7% would be Rs 1,73,600, and 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. For more information, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers New Vision Township Phase - I 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 crucial factor when buying or selling property in Vengambakkam, as it determines the amount of stamp duty and registration fees payable during the transaction. Buyers should be aware that the guideline value is set by the government and is periodically revised to reflect changes in the market.

When registering a property, the guideline value is used to calculate the applicable duties and fees, ensuring that the government collects the appropriate revenue. It is essential for both buyers and sellers to understand the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

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

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,500 per sq.ft in 2017 to Rs 2,480 per sq.ft in 2024, representing a total increase of 65% over this period.

What are the stamp duty and registration fees for a property in New Vision Township Phase - I?

For a 1,000 sq.ft property, the total guideline value is Rs 24,80,000. The stamp duty is Rs 1,73,600, and the registration fee is Rs 49,600, totaling Rs 2,23,200.

Which office handles property registrations for New Vision Township Phase - I?

The Tambaram Joint 1 Sub Registrar Office handles property registrations for New Vision Township Phase - I, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the significance of the guideline value in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It is essential for buyers and sellers to be aware of this value to ensure accurate payments during the registration process.