Guideline Value for V.G.P. MAIN ROAD

V.G.P. Main Road guideline value

The current guideline value of V.G.P. Main Road in Palavakkam village, under the Neelankarai SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

How the guideline value of V.G.P. Main Road has changed

The guideline value for V.G.P. Main Road has undergone several revisions over the years. In the 2012 revision, the guideline value was set at Rs 5,000 per sq.ft. This figure decreased to Rs 3,350 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value saw a significant increase to Rs 5,000 per sq.ft in the 2023 revision, followed by another increase to Rs 5,500 per sq.ft in the 2024 revision, reflecting a 10% rise from the previous year.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, positioning V.G.P. Main Road's 2024 figure above this median.

• V.G.P.Nagar: Rs 5,500 per sq.ft (2024)
• V.G.P. Golden Beach Sea View Part: Rs 5,500 per sq.ft (2024)
• V.G.P.Golden Beach 4th Main Road: Rs 5,500 per sq.ft (2024)
• V.G.P.Golden Beach 3rd Part: Rs 5,500 per sq.ft (2024)
• V.G.P.Golden Beach 3rd Main Road: Rs 5,500 per sq.ft (2024)
• V.G.P.Golden Beach 2nd Part: Rs 5,500 per sq.ft (2024)

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

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, charged at 7%, would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that the 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 precise calculations.

Which Sub Registrar Office covers V.G.P. Main Road?

The V.G.P. Main Road falls under 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 Palavakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Palavakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value helps to establish a fair price for taxation purposes. Buyers and sellers must consider this value to avoid discrepancies during the registration process, as it affects the overall cost of the transaction.

Frequently asked questions

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

The current guideline value of V.G.P. Main Road 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, reflecting a 10% increase. It was Rs 3,350 per sq.ft in 2017 and Rs 5,000 per sq.ft in 2012, showing a significant increase over the years.

What is the land classification for V.G.P. Main Road?

The land classification for V.G.P. Main Road is Residential Special Type - III, indicating its designated use within the area.

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. Main Road?

Stamp duty for properties on V.G.P. Main Road is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty at 7% would be Rs 3,85,000.