Guideline Value for V.G.P. SOUTH 2ND CROSS STREET

V.G.P. South 2nd Cross Street guideline value

The current guideline value of V.G.P. South 2nd Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 under the Neelankarai SRO and is classified as Residential Special Type - III.

How the guideline value of V.G.P. South 2nd Cross Street has changed

The guideline value for V.G.P. South 2nd Cross Street has undergone several revisions over the years. The last recorded revision was in 2024, where the value was set at Rs 5,500 per sq.ft. Prior to this, the 2017 revision recorded a value of Rs 3,350 per sq.ft. This reflects an increase of 64% from the 2017 figure to the current 2024 figure. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

In summary, the guideline value has significantly increased from Rs 3,350 per sq.ft in 2017 to Rs 5,500 per sq.ft in 2024. This change indicates a notable adjustment in the valuation of properties along this street over the seven-year period.

Guideline values in Sholinganallur - 1

In the village of Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing V.G.P. South 2nd Cross Street's 2024 figure above the median.

• V.G.P. South Part 1st Street: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part I: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part II: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part III: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part IV: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part V: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. South 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.G.P. South 2nd Cross Street?

The V.G.P. South 2nd Cross Street falls under the Neelankarai Sub Registrar Office located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. For further details, you can find your SRO.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a critical factor during the registration of property transactions in Sholinganallur - 1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared with the sale price, and the higher of the two values is used to calculate the applicable fees. This ensures that the government receives appropriate revenue from property transactions based on the current market conditions.

Frequently asked questions

What is the current guideline value of V.G.P. South 2nd Cross Street?

The current guideline value of V.G.P. South 2nd Cross Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value increased from Rs 3,350 per sq.ft in 2017 to Rs 5,500 per sq.ft in 2024, which is a rise of 64% over that period.

What are the other streets in Sholinganallur - 1 with the same guideline value?

Several other streets in Sholinganallur - 1 also have a guideline value of Rs 5,500 per sq.ft in 2024, including V.G.P. South Part 1st Street, V.G.P. South Part I, V.G.P. South Part II, V.G.P. South Part III, V.G.P. South Part IV, and V.G.P. South Part V.

What is the registration fee for properties in V.G.P. South 2nd Cross Street?

The registration fee for properties is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total registration fees would amount to Rs 4,95,000.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find more details through the provided link.