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

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

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

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

The guideline value for V.G.P. Pon Nagar 1st Street has undergone several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft. This figure remained the same until the 2017 revision, which saw a decrease to Rs 1,340 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 2,000 per sq.ft in 2023, followed by another increase to Rs 2,200 per sq.ft in 2024, reflecting a 10% rise.

Between the 2017 and 2023 revisions, there was a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value of V.G.P. Pon Nagar 1st Street.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to 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.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

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

The V.G.P. Pon Nagar 1st Street is covered by 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 in the registration process when buying or selling property in Chembakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in property transactions.

When a buyer and seller agree on a sale price, the higher amount between the sale price and the guideline value is used to calculate the applicable stamp duty and registration fees. 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 Street?

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

How has the guideline value changed over the years?

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 land classification for V.G.P. Pon Nagar 1st Street?

The land classification for V.G.P. Pon Nagar 1st Street is Residential Special Type - II.

Which Sub Registrar Office covers this street?

The Selaiyur Sub Registrar Office covers V.G.P. Pon Nagar 1st Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the stamp duty calculated for properties in Chembakkam?

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