Guideline Value for V.G.N.Avenue Phase 2

V.G.N.Avenue Phase 2 guideline value

The current guideline value of V.G.N.Avenue Phase 2 is Rs 7,100 per sq.ft, effective from 1 July 2024. This property is located in Mugappair village and falls under the Konnur SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of V.G.N.Avenue Phase 2 has changed

The guideline value for V.G.N.Avenue Phase 2 has seen several revisions over the years. In 2007, the guideline value was Rs 1,500 per sq.ft. This increased significantly to Rs 6,500 per sq.ft in 2012, but then dropped to Rs 4,355 per sq.ft in 2017. The value rose again to Rs 6,500 per sq.ft in 2023, and currently stands at Rs 7,100 per sq.ft as of the 2024 revision.

From 2007 to 2012, there was a substantial increase of 333%. However, the value decreased by 33% from 2012 to 2017. The jump from 2017 to 2023 was notable at 49%, and the latest revision from 2023 to 2024 reflects a 9% increase. Overall, the guideline value has increased by 373% from 2007 to 2024.

Guideline values in Mugappair

Mugappair village has 224 streets under the Konnur SRO, with guideline values ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value is Rs 7,100 per sq.ft, which is the same as the current value for V.G.N.Avenue Phase 2.

• V.G.N Avenue Phase I: Rs 7,100 per sq.ft (2024)
• V.G.N Avenue: 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 Phase 2

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, bringing the total fees together to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information on fees.

Which Sub Registrar Office covers V.G.N.Avenue Phase 2?

The Sub Registrar Office covering V.G.N.Avenue Phase 2 is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For more details, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mugappair. It determines the amount of stamp duty and registration fees that must be paid, ensuring that transactions are conducted fairly and transparently.

When a property is registered, the guideline value serves as a benchmark for the minimum value of the property, which helps in calculating the applicable taxes. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of V.G.N.Avenue Phase 2?

The current guideline value of V.G.N.Avenue Phase 2 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 from Rs 1,500 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, with various increases and decreases along the way.

What is the stamp duty rate for properties in V.G.N.Avenue Phase 2?

The stamp duty rate for properties in V.G.N.Avenue Phase 2 is 7% of the guideline value or sale price, whichever is higher.

Where is the Konnur Sub Registrar Office located?

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

What is the median guideline value in Mugappair?

The median guideline value in Mugappair is Rs 7,100 per sq.ft, which is the same as the current guideline value for V.G.N.Avenue Phase 2.