Guideline Value for V.G.K. Nagar

V.G.K. Nagar guideline value

The current guideline value of V.G.K. Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of V.G.K. Nagar has changed

In the 2017 revision, the guideline value was Rs 1,005 per sq.ft. This figure saw a significant increase to Rs 1,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the guideline value at Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 59%. 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 Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which is equal to the current guideline value for V.G.K. Nagar.

• V.G.K. Nagar (Ward-07): Rs 1,600 per sq.ft (2024)
• Venu St (Ward-02): Rs 1,300 per sq.ft (2024)
• Venus Nagar Main Road (Ward No.26): Rs 1,600 per sq.ft (2024)
• Venus Nagar, Lakshmipuram (Ward-26): Rs 1,600 per sq.ft (2024)
• Venus Nagar: Rs 1,600 per sq.ft (2024)
• Venu Nagar (Ward-2): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.K. Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total charges to Rs 1,44,000. 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 V.G.K. Nagar?

The Sub Registrar Office that covers V.G.K. Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, within the Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these charges are based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of V.G.K. Nagar?

The current guideline value of V.G.K. Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,005 per sq.ft in 2017 to Rs 1,600 per sq.ft in 2024, marking an overall increase of 59%.

What is the land classification of V.G.K. Nagar?

V.G.K. Nagar is classified as Residential Class II Type - I under the Madhavaram SRO.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate incurs total charges of Rs 1,44,000.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles registrations for properties in V.G.K. Nagar.