Guideline Value for V.G.N Minaurva

V.G.N Minaurva guideline value

The current guideline value of V.G.N Minaurva is Rs 7,100 per sq.ft, effective from 1 July 2024. This property is located in Nolambur village, under the Villivakkam SRO, and falls under the land classification of Residential Special Type - I.

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

The guideline value for V.G.N Minaurva has seen several revisions over the years. The 2017 revision set the value at Rs 4,355 per sq.ft, which increased to Rs 6,500 per sq.ft in 2023. The most recent revision in 2024 raised the value to Rs 7,100 per sq.ft, marking a 9% increase from the previous year. The overall change from 2017 to 2024 represents a significant increase of 63%.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was 49%, reflecting a notable rise in the guideline value over that six-year period.

Guideline values in 1. Nolambur

In 1. Nolambur, there are 73 streets under the Villivakkam SRO that have 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, which is the same as the current guideline value for V.G.N Minaurva.

• V.G.N. Monte Carlo: Rs 7,100 per sq.ft (2024)
• V.G.N LA Parisienme: Rs 7,100 per sq.ft (2024)
• V.G.N Nagar Phase I: Rs 7,100 per sq.ft (2024)
• V.G.N Nagar Phase I,II,III: Rs 7,100 per sq.ft (2024)
• V.G.N Garden: Rs 7,100 per sq.ft (2024)
• V.G.N Enclave: Rs 7,100 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total cost for these fees to 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.

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

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

The V.G.N Minaurva property is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in 1. Nolambur

The guideline value plays a crucial role in property transactions within 1. Nolambur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to consider the guideline value, as it affects the overall cost of the transaction. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used to calculate applicable duties and fees.

Frequently asked questions

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

The current guideline value of V.G.N Minaurva 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 increased from Rs 4,355 per sq.ft in 2017 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 63% over the seven-year period.

What is the land classification of V.G.N Minaurva?

V.G.N Minaurva falls under the land classification of Residential Special Type - I, indicating its suitability for residential development.

Where can I find the registration office for V.G.N Minaurva?

The registration office covering V.G.N Minaurva is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in V.G.N Minaurva?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 71,00,000 would incur a stamp duty of Rs 4,97,000 at 7%.