Guideline Value for NEW VISION TOWNSHIP

New Vision Township guideline value

The current guideline value for New Vision Township in Vengambakkam village is Rs 2,480 per sq.ft, effective from 1 July 2024. This area falls under the Tambaram Joint 1 SRO and is classified as Mixed Type - III land.

How the guideline value of New Vision Township has changed

The guideline value for New Vision Township has seen significant changes over the years. The 2017 revision set the value at Rs 1,500 per sq.ft, which was then increased to Rs 2,250 per sq.ft in the 2023 revision. The latest revision in 2024 has raised the value to Rs 2,480 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 65%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. The revisions show a 50% increase from 2017 to 2023, reflecting a steady rise in the guideline value over the years.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO carrying a 2024 guideline value, ranging from Rs 440 to Rs 5,000 per sq.ft. The median value is Rs 770 per sq.ft, and the guideline value for New Vision Township is above this median.

• New Vision Township Phase - I: 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

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, 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 guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Vision Township?

The Sub Registrar Office that covers New Vision Township 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 crucial metric used during property transactions in Vengambakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that the sale price is not undervalued.

When buying or selling property, the guideline value influences the stamp duty and registration fees that must be paid. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the agreed sale price.

Frequently asked questions

What is the current guideline value for New Vision Township?

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

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,500 per sq.ft in 2017 to Rs 2,250 per sq.ft in 2023, and finally to Rs 2,480 per sq.ft in 2024, marking a total increase of 65% from 2017 to 2024.

What are the other streets in Vengambakkam with their guideline values?

Other streets in Vengambakkam include New Vision Township Phase - I and Phase - II at Rs 2,480 per sq.ft, New Vision Township Phase - IV at Rs 2,970 per sq.ft, and New Vision Township Phase VI at Rs 3,580 per sq.ft.

What fees are associated with buying property in New Vision Township?

When buying property, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Which office handles property registrations for New Vision Township?

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