Guideline Value for V.G.P. AVENUE

V.G.P. Avenue guideline value

The current guideline value of V.G.P. Avenue in Vengaivasal village under the Selaiyur SRO is Rs 1,900 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of V.G.P. Avenue has changed

The guideline value for V.G.P. Avenue has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,800 per sq.ft. This value remained unchanged until 2017 when it decreased to Rs 1,206 per sq.ft. Following this, the value saw a significant increase to Rs 1,800 per sq.ft in 2023, and then it rose again to Rs 1,900 per sq.ft in 2024, marking a 6% increase from the previous year. It is important to note that the register has no figures for this street for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value saw a decrease of 33%. However, from 2017 to 2023, there was a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 6%.

Guideline values in Vengaivasal

In Vengaivasal, there are 117 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value for V.G.P. Avenue is below this median.

• V.G.P.Santhanammal Nagar: Rs 2,700 per sq.ft (2024)
• V G P Veerabadra Nagar: Rs 2,700 per sq.ft (2024)
• V G P Veerabadra Nagar Part I: Rs 2,700 per sq.ft (2024)
• V G P Veerabadra Nagar Part II: Rs 2,700 per sq.ft (2024)
• Vignarajapuram: Rs 3,300 per sq.ft (2024)
• Vignarajapuram 4th Street Extension: Rs 2,350 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total charges to Rs 1,71,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.G.P. Avenue?

The Sub Registrar Office covering V.G.P. Avenue is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO here.

How the guideline value is used when you buy or sell in Vengaivasal

The guideline value is a crucial factor when registering property transactions in Vengaivasal. It helps determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Additionally, the guideline value serves as a reference point for property transactions, ensuring that the values are consistent and transparent. It is essential for both buyers and sellers to understand this value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of V.G.P. Avenue is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017. It then increased to Rs 1,800 per sq.ft in 2023, and currently stands at Rs 1,900 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in V.G.P. Avenue?

The stamp duty for properties in V.G.P. Avenue is 7%, while the registration fee is 2%. For a 1,000 sq.ft plot, the total charges would be Rs 1,71,000, based on the current guideline value.

Which office handles property registrations for V.G.P. Avenue?

The Selaiyur Sub Registrar Office handles property registrations for V.G.P. Avenue. It is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

What is the land classification for V.G.P. Avenue?

V.G.P. Avenue is classified as Residential Class II Type - I, which indicates its suitability for residential development.