Guideline Value for V.G.N. NAGAR

V.G.N. Nagar guideline value

The current guideline value of V.G.N. Nagar, located in Iyyappanthangal village, is Rs 3,300 per sq.ft. This value is effective from 1 July 2024 and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Special Type - I.

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

The guideline value for V.G.N. Nagar has undergone several revisions over the years. In 2012, the value was set at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 3,000 per sq.ft in 2023. The latest revision in 2024 saw a further increase of 10%, resulting in the current guideline value of Rs 3,300 per sq.ft.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has seen a net increase of 10%.

Guideline values in Iyyappanthangal

In Iyyappanthangal, there are 134 streets under the Chennai South Joint I SRO that carry a guideline value for 2024, ranging from Rs 1,100 to Rs 5,610 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making V.G.N. Nagar's current figure of Rs 3,300 per sq.ft above the median.

• V.G.N. Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• V.G.N. Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• V.G.N. Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• V.G.N. Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• V.G.N. Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• V.G.N. Nagar Ist Street: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty, calculated at 7%, would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, these fees would total Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers V.G.N. Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Iyyappanthangal. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price of the property.

Understanding the guideline value is essential for both buyers and sellers, as it ensures that all transactions are compliant with the regulations set forth by the Registration Department. This helps in maintaining transparency and accountability in property transactions.

Frequently asked questions

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

The current guideline value of V.G.N. Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

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

The land classification for V.G.N. Nagar is Residential Special Type - I.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles the registration for V.G.N. Nagar?

The Chennai South Joint I Sub Registrar Office is responsible for handling registrations for V.G.N. Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.