Guideline Value for V.G.P. Pon Nagar 2nd Cross Street

V.G.P. Pon Nagar 2nd Cross Street guideline value

The current guideline value of V.G.P. Pon Nagar 2nd 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 2nd Cross Street has changed

Over the years, the guideline value of V.G.P. Pon Nagar 2nd Cross Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was a decrease of 33% from Rs 1,340 per sq.ft in 2017. The 2017 revision then increased the value to Rs 2,000 per sq.ft, and in 2023, it rose to Rs 2,000 per sq.ft again. The most recent 2024 revision has set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Notably, there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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 equal to the current value for V.G.P. Pon Nagar 2nd Cross Street.

• V.G.P. Pon Nagar 1st 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 1st Main Road: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar 2nd 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 3rd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Pon Nagar 2nd Cross 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, while the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers V.G.P. Pon Nagar 2nd Cross Street?

The V.G.P. Pon Nagar 2nd Cross Street 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 property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Chembakkam, the guideline value helps establish the stamp duty and registration fees applicable to the transaction.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements and to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of V.G.P. Pon Nagar 2nd Cross Street?

The current guideline value of V.G.P. Pon Nagar 2nd 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 2023 to Rs 2,200 per sq.ft in 2024, representing a 10% increase. The value was Rs 2,000 per sq.ft in 2012 and Rs 1,340 per sq.ft in 2017, showing significant changes over the years.

What is the land classification of V.G.P. Pon Nagar 2nd Cross Street?

V.G.P. Pon Nagar 2nd Cross Street is classified as Residential Special Type - II.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000.