Guideline Value for V.G.P. Chakra Town - II

V.G.P. Chakra Town - II guideline value

The current guideline value of V.G.P. Chakra Town - II is Rs 600 per sq.ft, effective from 1 July 2024. This area is located in Nemili village under the Sriperumpudur SRO, classified as Residential Special Type - I.

How the guideline value of V.G.P. Chakra Town - II has changed

The guideline value for V.G.P. Chakra Town - II has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 100 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2012. However, it dropped to Rs 402 per sq.ft in 2017, before rising again to Rs 600 per sq.ft in both the 2023 and 2024 revisions. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, there was a notable increase of 49%, while from 2012 to 2017, the value decreased by 33%. The most significant change occurred from 2007 to 2012, with an increase of 500%. Overall, from 2007 to 2024, the guideline value has increased by 500%.

Guideline values in Nemili

Nemili village has a total of 66 streets under the Sriperumpudur SRO, with guideline values ranging from Rs 150 to Rs 1,000 per sq.ft. The median value for these streets is Rs 250 per sq.ft, placing V.G.P. Chakra Town - II above this median at Rs 600 per sq.ft.

• V.G.P. Chakra Town - I: Rs 600 per sq.ft (2024)
• Venkateswara nagar extn: Rs 250 per sq.ft (2024)
• Venkateswara Nagar: Rs 250 per sq.ft (2024)
• Va.Voo.Si Street: Rs 210 per sq.ft (2024)
• Theru Veedhiyamman Koil Street: Rs 150 per sq.ft (2024)
• Subash Chandrabose Street: Rs 150 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Chakra Town - II

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value would be Rs 6,00,000. The stamp duty at 7% would amount to Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total fees to Rs 54,000. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers V.G.P. Chakra Town - II?

The Sub Registrar Office that covers V.G.P. Chakra Town - II is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Nemili. It is used to determine the stamp duty and registration fees applicable during the buying or selling process. Buyers and sellers must be aware of the current guideline value to ensure that they comply with legal requirements during registration.

When a property is sold, the guideline value is considered to ensure that the transaction is registered at a value that reflects the official rates. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of V.G.P. Chakra Town - II?

The current guideline value of V.G.P. Chakra Town - II is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 100 per sq.ft in 2007 to Rs 600 per sq.ft in 2012, then decreasing to Rs 402 per sq.ft in 2017, and returning to Rs 600 per sq.ft in both 2023 and 2024.

What are the stamp duty rates applicable in V.G.P. Chakra Town - II?

The stamp duty rate applicable in V.G.P. Chakra Town - II is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Nemili?

The Sriperumpudur Sub Registrar Office handles property registrations in Nemili. It is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is the guideline value determined for properties in Nemili?

The guideline value for properties in Nemili is determined by the Registration Department and is based on various factors including the location and classification of the land, ensuring that the values reflect the current market conditions.