Guideline Value for V.G.P. 1ST MAIN ROAD IIND PART

V.G.P. 1st Main Road Iind Part guideline value

The current guideline value of V.G.P. 1st Main Road Iind Part is Rs 5,500 per sq.ft. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Special Type - III.

How the guideline value of V.G.P. 1st Main Road Iind Part has changed

The guideline value for V.G.P. 1st Main Road Iind Part has undergone several revisions over the years. The 2012 revision set the value at Rs 5,000 per sq.ft, which was then reduced to Rs 3,350 per sq.ft in the 2017 revision. Following this, the 2023 revision increased it to Rs 5,000 per sq.ft, and the latest revision in 2024 raised it further to Rs 5,500 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it saw a significant increase of 49%. The most recent change from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, making the current value of V.G.P. 1st Main Road Iind Part above this median.

• V.G.P. 1st Main Road Iiind Part: Rs 5,500 per sq.ft (2024)
• V.G.P. 1st Main Road Ist Part: Rs 5,500 per sq.ft (2024)
• V.G.P. 2nd Cross Street: Rs 5,500 per sq.ft (2024)
• V.G.P. 2nd Main Road Iiind Part: Rs 5,500 per sq.ft (2024)
• V.G.P. 2nd Main Road Iind Part: Rs 5,500 per sq.ft (2024)
• V.G.P. 2nd Main Road Ist Part: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. 1st Main Road Iind Part

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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.G.P. 1st Main Road Iind Part?

The V.G.P. 1st Main Road Iind Part 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 Palavakkam

The guideline value is a crucial factor when registering property transactions in Palavakkam. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these charges are based on a standardized valuation.

When buying or selling property, the guideline value helps in establishing a fair transaction price, as it reflects the government’s assessment of property values in the area. This process ensures transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value for V.G.P. 1st Main Road Iind Part?

The current guideline value for V.G.P. 1st Main Road Iind Part 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 5,000 per sq.ft in 2023 to Rs 5,500 per sq.ft in 2024, marking a 10% increase. It was Rs 3,350 per sq.ft in 2017, which was a 49% increase from the previous revision.

What is the land classification for V.G.P. 1st Main Road Iind Part?

The land classification for V.G.P. 1st Main Road Iind Part is Residential Special Type - III.

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 on V.G.P. 1st Main Road Iind Part?

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