Guideline Value for V.G.P. SOUTH PART 1ST STREET

V.G.P. South Part 1st Street guideline value

The current guideline value of V.G.P. South Part 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1, and falls under the Neelankarai SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of V.G.P. South Part 1st Street has changed

The guideline value for V.G.P. South Part 1st Street has undergone several revisions over the years. The earliest recorded revision was in 2002, followed by 2003, 2007, 2012, and 2017. The 2017 revision set the value at Rs 3,350 per sq.ft. The most recent revision in 2024 increased this figure significantly to Rs 5,500 per sq.ft, marking a change of +64% from the 2017 figure.

In addition to the 2017 and 2024 revisions, the register shows no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street. This means that the only available figures are from 2017 and 2024.

Guideline values in Sholinganallur - 1

In 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, with a median value of Rs 2,200 per sq.ft. The guideline value of V.G.P. South Part 1st Street is above this median.

• V.G.P. South 2nd Cross 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 Part 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.G.P. South Part 1st Street?

The V.G.P. South Part 1st 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. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Sholinganallur - 1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is compared to the sale price to determine the applicable duties. Buyers should be aware that the higher value between the guideline value and the sale price will be used to calculate the stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of V.G.P. South Part 1st Street?

The current guideline value of V.G.P. South Part 1st 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, marking a change of +64%.

Which Sub Registrar Office covers V.G.P. South Part 1st Street?

The Neelankarai Sub Registrar Office covers V.G.P. South Part 1st Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the median guideline value in Sholinganallur - 1?

The median guideline value in Sholinganallur - 1 is Rs 2,200 per sq.ft, while V.G.P. South Part 1st Street's value is above this median.

How is stamp duty calculated for properties in V.G.P. South Part 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000, leading to a stamp duty of Rs 3,85,000.