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

V.G.P. South Part II guideline value

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

In the 2017 revision, the guideline value was set at Rs 3,350 per sq.ft. This represents a significant increase of 64% to the current value of Rs 5,500 per sq.ft in the 2024 revision. The register has no figure for the years 2023, 2012, 2007, 2003, and 2002 for this street.

The 2024 revision reflects a notable change from the previous figures, indicating the evolving valuation of properties in the area. The increase from Rs 3,350 per sq.ft in 2017 to Rs 5,500 per sq.ft in 2024 highlights the adjustments made in the guideline values over the years.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO with a 2024 guideline value 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, placing V.G.P. South Part II above this median.

• V.G.P. South Part I: 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 1st Street: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part IV: Rs 5,500 per sq.ft (2024)
• V.G.P. South 2nd Cross Street: 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 II

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, totaling Rs 4,95,000. 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 II?

The V.G.P. South Part II 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 more information.

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

The guideline value is a crucial factor when registering property transactions in Sholinganallur - 1. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value serves as a benchmark for both buyers and sellers. It helps in establishing a fair transaction value and ensures compliance with legal requirements during the registration process.

Frequently asked questions

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

The current guideline value of V.G.P. South Part II 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 has changed from Rs 3,350 per sq.ft in 2017 to Rs 5,500 per sq.ft in 2024, reflecting a 64% increase. There are no figures available for the years 2023, 2012, 2007, 2003, and 2002 for this street.

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

V.G.P. South Part II is classified as Residential Special Type - III. This classification is important for understanding the zoning and permissible uses of the land.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable on the same basis.

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. This office handles property registrations for V.G.P. South Part II.