Guideline Value for V.G.P. PRASAD STREET

V.G.P. Prasad Street guideline value

The current guideline value of V.G.P. Prasad Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 under the Neelankarai SRO, and it falls under the Residential Special Type - III land classification.

How the guideline value of V.G.P. Prasad Street has changed

The guideline value for V.G.P. Prasad Street has seen significant changes over the years. In the 2017 revision, the value was set at Rs 3,350 per sq.ft. This figure increased to Rs 5,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for V.G.P. Prasad Street for the years 2002, 2003, 2007, and 2012.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for V.G.P. Prasad Street is above this median.

• V.G.P. Raja Street: Rs 5,500 per sq.ft (2024)
• V.G.P. Murbi Street, Ammal Joint Street: Rs 5,500 per sq.ft (2024)
• V.G.P. Murbi Street: Rs 5,500 per sq.ft (2024)
• V.G.P. Main Street Extension: Rs 5,500 per sq.ft (2024)
• V.G.P. Main Street: Rs 5,500 per sq.ft (2024)
• V.G.P. Ravi Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Prasad Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to 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 stamp 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 information.

Which Sub Registrar Office covers V.G.P. Prasad Street?

The V.G.P. Prasad Street is covered by 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 further assistance.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor during property transactions in Sholinganallur - 1. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of V.G.P. Prasad Street?

The current guideline value of V.G.P. Prasad Street 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 increased from Rs 3,350 per sq.ft in 2017 to Rs 5,500 per sq.ft in 2024, a total increase of 64% over this period.

What is the land classification for V.G.P. Prasad Street?

V.G.P. Prasad Street is classified as Residential Special Type - III under the land classification guidelines.

Which office handles registrations for V.G.P. Prasad Street?

The Neelankarai Sub Registrar Office handles registrations for V.G.P. Prasad Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in V.G.P. Prasad Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at a rate of 7%.