Guideline Value for V.G.P. Pon Nagar 1st Main Road

V.G.P. Pon Nagar 1st Main Road guideline value

The current guideline value of V.G.P. Pon Nagar 1st Main Road 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 Main Road has changed

Over the years, the guideline value for V.G.P. Pon Nagar 1st Main Road has undergone several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then decreased to Rs 1,340 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision brought it to Rs 2,200 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 reflects a 10% increase, culminating in the current guideline value of Rs 2,200 per sq.ft.

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 value is Rs 2,200 per sq.ft, which is equal to the 2024 figure for V.G.P. Pon Nagar 1st Main Road.

• V.G.P. Pon Nagar 1st Cross Street: 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: 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 Main Road

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 at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to 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. Pon Nagar 1st Main Road?

The V.G.P. Pon Nagar 1st Main Road falls under 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 is a crucial factor in the registration process of property transactions in Chembakkam. 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, the guideline value helps both parties understand the fair valuation of the property. It is essential to refer to the latest figures to ensure compliance with registration requirements and to avoid any discrepancies during the transaction process.

Frequently asked questions

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

The current guideline value of V.G.P. Pon Nagar 1st Main Road 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 significantly over the years, with the most recent revision in 2024 increasing it to Rs 2,200 per sq.ft from Rs 2,000 per sq.ft in 2023. There was a notable increase of 49% from 2017 to 2023.

What is the classification of V.G.P. Pon Nagar 1st Main Road?

V.G.P. Pon Nagar 1st Main Road is classified as Residential Special Type - II, indicating its suitability for residential development.

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, in the Chengalpattu registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, on a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at the rate of 7%.