Guideline Value for V.G.P. DR. VIMALA NAGAR

V.G.P. Dr. Vimala Nagar guideline value

The current guideline value of V.G.P. Dr. Vimala Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this street is Commercial Class I Type - III.

How the guideline value of V.G.P. Dr. Vimala Nagar has changed

The guideline value for V.G.P. Dr. Vimala Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 239 per sq.ft. This increased to Rs 277 per sq.ft in 2003, marking a 16% rise. The value then rose significantly to Rs 500 per sq.ft in 2007, reflecting an 81% increase. By 2012, the value was Rs 2,500 per sq.ft, which was a substantial 400% increase from the previous revision. However, it then decreased to Rs 1,675 per sq.ft in 2017, a drop of 33%. The 2023 revision saw the value increase again to Rs 2,500 per sq.ft, and the most recent revision in 2024 has set it at Rs 2,750 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,051%. It is important to note that there are no figures available for the revisions in the years not mentioned in the register for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, and V.G.P. Dr. Vimala Nagar's 2024 figure is above this median.

• V.G.P. Dr. Ramaiyah Nagar: Rs 2,750 per sq.ft (2024)
• V.G.P. Babu Nagar: Rs 2,750 per sq.ft (2024)
• V.G.P. Pushpa Nagar: Rs 2,750 per sq.ft (2024)
• Vigneshwara Nagar Phase-I: Rs 2,750 per sq.ft (2024)
• Venkatraman Street: Rs 2,200 per sq.ft (2024)
• Vijayanagaram: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Dr. Vimala Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.G.P. Dr. Vimala Nagar?

The V.G.P. Dr. Vimala Nagar area is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum value at which the property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with the registration requirements.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, as the duty is charged on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of V.G.P. Dr. Vimala Nagar?

The current guideline value of V.G.P. Dr. Vimala Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 239 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1,051% over the years.

Which Sub Registrar Office covers V.G.P. Dr. Vimala Nagar?

The Chennai South Joint I Sub Registrar Office covers V.G.P. Dr. Vimala Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

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

The stamp duty for properties in V.G.P. Dr. Vimala Nagar is 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 27,50,000, the total fees would be Rs 2,47,500.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum registration value for property transactions. It is essential for calculating stamp duty and registration fees, ensuring compliance with government regulations during the buying and selling process.