Guideline Value for V.G.P. Pon Nagar 1st Cross Street

V.G.P. Pon Nagar 1st Cross Street guideline value

The current guideline value of V.G.P. Pon Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village under the Selaiyur SRO and is classified as Residential Special Type - II.

How the guideline value of V.G.P. Pon Nagar 1st Cross Street has changed

The guideline value for V.G.P. Pon Nagar 1st Cross Street has undergone several revisions over the years. The oldest available figure is from 2012, which was Rs 2,000 per sq.ft. In 2017, the value decreased to Rs 1,340 per sq.ft, marking a decline of 33%. However, by 2023, the value increased significantly to Rs 2,000 per sq.ft, and in the latest revision for 2024, it has risen to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49% in the guideline value. Overall, when comparing the figures from 2012 to 2024, there has been a 10% increase, bringing the current value in line with the recent trends.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is the same as the current value for V.G.P. Pon Nagar 1st Cross Street.

• V.G.P. Pon Nagar: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Pon Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty is charged at 7%, which totals Rs 1,54,000, and the registration fee at 2% amounts to Rs 44,000. Together, these fees total Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details on fees applicable to your property transaction.

Which Sub Registrar Office covers V.G.P. Pon Nagar 1st Cross Street?

The Sub Registrar Office that covers V.G.P. Pon Nagar 1st Cross Street 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 Chembakkam

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

When a property is sold, the buyer will pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of V.G.P. Pon Nagar 1st Cross Street?

The current guideline value of V.G.P. Pon Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the median guideline value in Chembakkam?

The median guideline value in Chembakkam is Rs 2,200 per sq.ft, which is also the current guideline value for V.G.P. Pon Nagar 1st Cross Street.

What are the stamp duty rates for properties in this area?

The stamp duty rate for properties in V.G.P. Pon Nagar 1st Cross Street is 7% of the guideline value, while the registration fee is 2% of the guideline value.

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.