Guideline Value for V.G.N Nagar Phase I

V.G.N Nagar Phase I guideline value

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

How the guideline value of V.G.N Nagar Phase I has changed

Over the years, the guideline value for V.G.N Nagar Phase I has seen several revisions. The 2017 revision set the guideline value at Rs 4,355 per sq.ft. This increased to Rs 6,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 7,100 per sq.ft, reflecting a 9% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 63%. 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 1. Nolambur

In 1. Nolambur, there are 73 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, which aligns with the current guideline value of V.G.N Nagar Phase I.

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

Stamp duty and registration fee for property in V.G.N Nagar Phase I

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 to Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.G.N Nagar Phase I?

The Sub Registrar Office that covers V.G.N Nagar Phase I is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in 1. Nolambur. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is legally documented and recorded.

When a property is sold, the guideline value serves as a benchmark for the minimum value at which the property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction.

Frequently asked questions

What is the current guideline value of V.G.N Nagar Phase I?

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

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 4,355 per sq.ft to Rs 7,100 per sq.ft in 2024, marking an overall increase of 63%.

What are the stamp duty rates for properties in V.G.N Nagar Phase I?

The stamp duty for properties in V.G.N Nagar Phase I is 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Which Sub Registrar Office covers V.G.N Nagar Phase I?

The Villivakkam Sub Registrar Office covers V.G.N Nagar Phase I, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and market conditions. It is revised periodically to reflect changes in the real estate market.