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

V.G.P. South Part V guideline value

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

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

The guideline value for V.G.P. South Part V has undergone several revisions over the years. The earliest recorded revision is from 2017, where the value was Rs 3,350 per sq.ft. This was followed by a significant increase to Rs 5,000 per sq.ft in 2023, marking a 49% rise. The latest revision in 2024 set the value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street.

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 V above the median.

• V.G.P. South Part IV: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part VI: 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 - VII: 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 - VIII: Rs 5,500 per sq.ft (2024)

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

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, totaling Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

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

The V.G.P. South Part V area 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 in the registration process of property transactions in Sholinganallur - 1. It determines the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,350 per sq.ft in 2017 to Rs 5,000 per sq.ft in 2023, and then to Rs 5,500 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024.

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

V.G.P. South Part V is classified as Residential Special Type - III, indicating its intended use for residential purposes.

What is the registration office for V.G.P. South Part V?

The registration office for V.G.P. South Part V is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for property in V.G.P. South Part V?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at 7%.