Guideline Value for V.G.N Milano Square

V.G.N Milano Square guideline value

The current guideline value of V.G.N Milano Square is Rs 2,200 per sq.ft, effective from 1 July 2024. This property is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Class I Type - I.

How the guideline value of V.G.N Milano Square has changed

The guideline value for V.G.N Milano Square has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which remained unchanged in the 2017 revision, where it dropped to Rs 1,340 per sq.ft. In 2023, the value increased to Rs 2,000 per sq.ft, and the latest revision in 2024 raised it further to Rs 2,200 per sq.ft.

In terms of percentage changes, the value increased by 49% from 2017 to 2023. However, there was a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 6,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the current value for V.G.N Milano Square.

• Venu Reddy Street: Rs 1,600 per sq.ft (2024)
• Vignesh Avenue: Rs 1,300 per sq.ft (2024)
• Vignesh Avenue Ext: Rs 1,300 per sq.ft (2024)
• Venkatesan Street: Rs 1,600 per sq.ft (2024)
• Venkatasamy Street: Rs 2,400 per sq.ft (2024)
• Vijayalakshmi Street: Rs 1,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers V.G.N Milano Square?

The V.G.N Milano Square is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Selaiyur

The guideline value is a crucial factor when buying or selling property in Selaiyur. It serves as a benchmark for determining the minimum price at which a property can be registered. This ensures that the property is valued fairly for taxation purposes.

When a buyer and seller agree on a sale price, the registration office will charge stamp duty based on the higher of the guideline value or the sale price. This means that if the sale price is lower than the guideline value, the buyer will still pay duty based on the guideline value.

Frequently asked questions

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

The current guideline value of V.G.N Milano Square is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in V.G.N Milano Square?

For a 1,000 sq.ft plot at the current rate, the stamp duty is Rs 1,54,000, and the registration fee is Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers V.G.N Milano Square?

The Selaiyur Sub Registrar Office covers V.G.N Milano Square, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for V.G.N Milano Square?

V.G.N Milano Square is classified as Residential Class I Type - I, which indicates its suitability for residential development.