Guideline Value for V.G.N Avenue

V.G.N Avenue guideline value

The current guideline value of V.G.N Avenue in Mugappair village is Rs 7,100 per sq.ft, effective from 1 July 2024. This street falls under the Konnur SRO and is classified as Residential Special Type - I.

How the guideline value of V.G.N Avenue has changed

The guideline value for V.G.N Avenue has seen several revisions over the years. In 2002, the guideline value was Rs 457 per sq.ft, which increased to Rs 458 per sq.ft in 2003. The value then rose significantly to Rs 1,500 per sq.ft in 2007, marking an increase of 228%. By 2012, the value was Rs 6,500 per sq.ft, but this represented a decrease of 33% from the previous revision. In 2017, the value again rose to Rs 4,355 per sq.ft, and then to Rs 6,500 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 set the guideline value at Rs 7,100 per sq.ft, reflecting a 9% increase from 2023.

There are no figures available for the revisions in years other than those specified. Overall, from 2002 to 2024, the guideline value has increased by 1454%.

Guideline values in Mugappair

Mugappair has a total of 224 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, placing V.G.N Avenue at this median value.

• V.G.N.Avenue Phase 2: Rs 7,100 per sq.ft (2024)
• V.G.N Avenue Phase I: Rs 7,100 per sq.ft (2024)
• Veyalate Flats: Rs 7,100 per sq.ft (2024)
• Venugobal Samy Street @ Venugopal Street: Rs 7,100 per sq.ft (2024)
• V.G.P.Nagar: Rs 7,100 per sq.ft (2024)
• Vellalar Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.N Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.G.N Avenue?

The Sub Registrar Office that covers V.G.N Avenue is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Mugappair. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of V.G.N Avenue?

The current guideline value of V.G.N Avenue is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 457 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, representing an overall increase of 1454%.

What is the land classification for V.G.N Avenue?

V.G.N Avenue is classified as Residential Special Type - I under the Konnur SRO.

What are the stamp duty and registration fees for a property on V.G.N Avenue?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 6,39,000.

Where is the Sub Registrar Office for V.G.N Avenue located?

The Konnur Sub Registrar Office is located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.