Guideline Value for V.G.P. Pon Nagar 7th Cross Street

V.G.P. Pon Nagar 7th Cross Street guideline value

The current guideline value of V.G.P. Pon Nagar 7th Cross 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 7th Cross Street has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure remained unchanged in the 2017 revision, where it dropped to Rs 1,340 per sq.ft, marking a decrease of 33%. By the 2023 revision, the value increased to Rs 2,000 per sq.ft, and in the latest 2024 revision, it further rose to Rs 2,200 per sq.ft, representing a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has seen a 10% increase, reflecting the fluctuations in the property market over the years.

Guideline values in Chembakkam

Chembakkam village features 472 streets under the Selaiyur SRO, with guideline values 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 aligns with the current value for V.G.P. Pon Nagar 7th Cross Street.

• V.G.P. Pon Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar 6th Cross Street: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar 8th Cross Street: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• V.G.P. Pon Nagar Extn: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Pon Nagar 7th 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 amounts to Rs 22,00,000. The stamp duty, calculated at 7%, would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.G.P. Pon Nagar 7th Cross Street?

The Sub Registrar Office that covers V.G.P. Pon Nagar 7th 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 details.

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 property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are essential components of the transaction costs. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value for V.G.P. Pon Nagar 7th Cross Street?

The current guideline value for V.G.P. Pon Nagar 7th Cross 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 experienced fluctuations, with the most recent increase being from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, a 10% rise. The value has also seen a significant increase of 49% from 2017 to 2023.

What is the land classification for V.G.P. Pon Nagar 7th Cross Street?

The land classification for V.G.P. Pon Nagar 7th Cross Street is Residential Special Type - II, indicating its designated use for residential purposes.

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.

How is the stamp duty calculated for properties in Chembakkam?

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