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

V.G.P. South Part I guideline value

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

How the guideline value of V.G.P. South Part I has changed

The guideline value for V.G.P. South Part I has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, a significant increase from the 2017 revision, which was Rs 3,350 per sq.ft. This represents a change of +64% from 2017 to 2024. The register has no figure for this street for the years 2023, 2012, 2007, 2003, and 2002.

In summary, the 2024 revision shows a marked increase compared to the previous revision in 2017. The guideline value has not been recorded for several years, indicating a period of stability before the recent adjustment.

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. V.G.P. South Part I's 2024 figure is above this median.

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

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 to 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 also use the stamp duty and registration fee calculator for more detailed calculations.

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

The V.G.P. South Part I falls under the jurisdiction of 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 in the registration process when buying or selling property in Sholinganallur - 1. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it ensures that the property is registered at a value that reflects the current market conditions. This helps in maintaining transparency and legality in property transactions.

Frequently asked questions

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

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

How much has the guideline value changed over the years?

From the 2017 revision to the 2024 revision, the guideline value increased from Rs 3,350 per sq.ft to Rs 5,500 per sq.ft, which is a change of +64%.

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

Other streets in Sholinganallur - 1 that share the same guideline value of Rs 5,500 per sq.ft include V.G.P. South Part II, V.G.P. South 2nd Cross Street, V.G.P. South Part III, V.G.P. South Part IV, and V.G.P. South Part V.

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 stamp duty calculated for properties in V.G.P. South Part I?

Stamp duty for properties in V.G.P. South Part I is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a stamp duty of Rs 3,85,000.