Guideline Value for V.G.P. SOUTH PART III

V.G.P. South Part III guideline value

The current guideline value for V.G.P. South Part III is Rs 5,500 per sq.ft. This property 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 Part III has changed

The guideline value for V.G.P. South Part III has undergone several revisions. The earliest available revision is from 2017, which set the value at Rs 3,350 per sq.ft. The most recent revision, effective from 1 July 2024, has increased this figure to Rs 5,500 per sq.ft, marking a significant rise of 64% from the 2017 revision.

There are no figures available for the revisions in 2023, 2012, 2007, 2003, and 2002 for this street. Thus, the only relevant figures are the 2017 and 2024 revisions.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, a total of 754 streets fall under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, indicating that V.G.P. South Part III's 2024 figure is above this median.

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

Stamp duty and registration fee for property in V.G.P. South Part III

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total 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, resulting in a total cost of 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers V.G.P. South Part III?

The V.G.P. South Part III is covered by 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 further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Sholinganallur - 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of V.G.P. South Part III?

The current guideline value of V.G.P. South Part III is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 3,350 per sq.ft to Rs 5,500 per sq.ft, which is a change of 64%.

What is the land classification for V.G.P. South Part III?

The land classification for V.G.P. South Part III is Residential Special Type - III, indicating its designated use for residential purposes within the area.

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.

How is the stamp duty calculated for properties in V.G.P. South Part III?

The stamp duty for properties in V.G.P. South Part III is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% on the guideline value.