Guideline Value for V.G.P. Mathina Nagar 2nd Street

V.G.P. Mathina Nagar 2nd Street guideline value

The current guideline value of V.G.P. Mathina Nagar 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village under the Selaiyur SRO, classified as Residential Special Type - I.

How the guideline value of V.G.P. Mathina Nagar 2nd Street has changed

The guideline value for V.G.P. Mathina Nagar 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,500 per sq.ft in the 2023 revision, and finally, it rose to Rs 2,700 per sq.ft in the 2024 revision, marking an overall increase of 8% from 2012 to 2024.

Between the 2023 and 2024 revisions, there was an increase of 8%. The jump from 2017 to 2023 was significant at 49%, while the 2012 to 2017 revision saw a decrease of 33%. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 850 to Rs 5,000 per sq.ft. The median value among these streets is Rs 2,150 per sq.ft, placing V.G.P. Mathina Nagar 2nd Street's 2024 figure above that median.

• V.G.P. Mathina Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• V.G.P Mathina Nagar Road: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar North 1st Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar North 2nd Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar North 3rd Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar North 4tht Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Mathina Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers V.G.P. Mathina Nagar 2nd Street?

The V.G.P. Mathina Nagar 2nd Street is covered by 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 for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Rajakilpakkam. It serves as a benchmark for determining the minimum value of a property for the purpose of stamp duty and registration fees.

When buying or selling property, the guideline value is referenced to ensure that the transaction is registered at a fair value, which is essential for legal and tax purposes. This ensures transparency and helps prevent undervaluation during property transactions.

Frequently asked questions

What is the current guideline value of V.G.P. Mathina Nagar 2nd Street?

The current guideline value of V.G.P. Mathina Nagar 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 8% from 2012 to 2024.

What is the land classification for V.G.P. Mathina Nagar 2nd Street?

The land classification for V.G.P. Mathina Nagar 2nd Street is Residential Special Type - I.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for property in V.G.P. Mathina Nagar 2nd Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,89,000.