Guideline Value for V.G.P. PRABHU NAGAR

V.G.P. Prabhu Nagar guideline value

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

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

The guideline value for V.G.P. Prabhu Nagar has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,200 per sq.ft. This was followed by a decrease to Rs 1,474 per sq.ft in 2017, marking a decline of 33%. However, the value rose significantly to Rs 2,500 per sq.ft in 2023, reflecting a 70% increase from the 2017 revision. The most recent revision in 2024 has set the guideline value at Rs 2,750 per sq.ft, which is a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 25%.

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 in this area is Rs 2,725 per sq.ft, positioning V.G.P. Prabhu Nagar above that median.

• V.G.P. Prabhu Nagar Part II: 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

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 for these fees to Rs 2,47,500. Please 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. Prabhu Nagar?

The Sub Registrar Office that covers V.G.P. Prabhu Nagar 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 a crucial factor in the registration process when buying or selling property in Perumbakkam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs reflect the official valuation of the property.

When a property transaction occurs, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This process helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

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

The current guideline value of V.G.P. Prabhu 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 from Rs 2,200 per sq.ft in 2012 to Rs 1,474 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification of V.G.P. Prabhu Nagar?

The land classification for V.G.P. Prabhu Nagar is Residential Class I Type - I.

Which office handles property registrations in this area?

The Selaiyur Sub Registrar Office handles property registrations for V.G.P. Prabhu Nagar. It is located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is stamp duty calculated in V.G.P. Prabhu Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty and registration fee of Rs 2,47,500.