Guideline Value for V.G.P. PRABHU NAGAR PART II

V.G.P. Prabhu Nagar Part II guideline value

The current guideline value of V.G.P. Prabhu Nagar Part II is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Perumbakkam village, under the Selaiyur SRO, and is classified as Residential Class I Type - I.

How the guideline value of V.G.P. Prabhu Nagar Part II has changed

Over the years, the guideline value for V.G.P. Prabhu Nagar Part II has seen several revisions. The 2012 revision set the value at Rs 2,200 per sq.ft, which then decreased to Rs 1,474 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023 and has now risen to Rs 2,750 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 70%. Overall, from 2012 to 2024, the guideline value has increased by 25%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Perumbakkam

In Perumbakkam, there are 225 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft. The median guideline value is Rs 2,725 per sq.ft, placing V.G.P. Prabhu Nagar Part II above this median.

• V.G.P. Prabhu Nagar: Rs 2,750 per sq.ft (2024)
• V.G.P.Gokul Nagar: Rs 3,300 per sq.ft (2024)
• Vijay Nagar: Rs 2,725 per sq.ft (2024)
• Veeramamunivar Street: Rs 3,300 per sq.ft (2024)
• Wow By Urban Tree: Rs 3,300 per sq.ft (2024)
• Vanchinathan Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Prabhu Nagar Part II

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total 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, bringing the total cost to Rs 2,47,500. Note that 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. Prabhu Nagar Part II?

The Sub Registrar Office that covers V.G.P. Prabhu Nagar Part II 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 for more information.

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

The guideline value is an essential factor during the registration process of property transactions in Perumbakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is crucial to consider the guideline value, as it will impact the overall costs involved in the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price, which can significantly affect the total expenditure.

Frequently asked questions

What is the current guideline value of V.G.P. Prabhu Nagar Part II?

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

How has the guideline value changed over the years?

Since 2012, the guideline value has seen several revisions, starting from Rs 2,200 per sq.ft in 2012, decreasing to Rs 1,474 per sq.ft in 2017, then increasing to Rs 2,500 per sq.ft in 2023, and finally reaching Rs 2,750 per sq.ft in 2024.

What is the land classification for V.G.P. Prabhu Nagar Part II?

V.G.P. Prabhu Nagar Part II is classified as Residential Class I Type - I, indicating its suitability for residential development.

What is the stamp duty rate for properties in V.G.P. Prabhu Nagar Part II?

The stamp duty rate for properties in V.G.P. Prabhu Nagar Part II is 7%, which is applied to the higher of the guideline value or the sale price during registration.

Where is the Selaiyur Sub Registrar Office located?

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