Guideline Value for V.G.P. Pon Nagar 8th Cross Street

V.G.P. Pon Nagar 8th Cross Street guideline value

The current guideline value of V.G.P. Pon Nagar 8th 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 the land classification is Residential Special Type - II.

How the guideline value of V.G.P. Pon Nagar 8th Cross Street has changed

The guideline value for V.G.P. Pon Nagar 8th Cross Street has seen several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017, marking a decline of 33%. The value increased significantly to Rs 2,000 per sq.ft in 2023, and further rose to Rs 2,200 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

In summary, the changes in guideline value per sq.ft from 2012 to 2024 show an overall increase of 10%. The increase from 2017 to 2023 was 49%, and the most recent jump from 2023 to 2024 was 10%. 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, 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 2024 figure for V.G.P. Pon Nagar 8th Cross Street.

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

Stamp duty and registration fee for property in V.G.P. Pon Nagar 8th 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, and the registration fee at 2% would be Rs 44,000, bringing the total cost 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 calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.G.P. Pon Nagar 8th Cross Street?

The Sub Registrar Office covering V.G.P. Pon Nagar 8th 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 is a crucial factor in the registration process when buying or selling property in Chembakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

Additionally, the guideline value influences the stamp duty and registration fees applicable to the property transaction. Buyers and sellers should be aware of these values to ensure compliance with local regulations and to avoid any potential issues during the registration process.

Frequently asked questions

What is the current guideline value of V.G.P. Pon Nagar 8th Cross Street?

The current guideline value of V.G.P. Pon Nagar 8th 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. The overall change from 2012 to 2024 is an increase of 10%.

What is the land classification of V.G.P. Pon Nagar 8th Cross Street?

The land classification of V.G.P. Pon Nagar 8th Cross Street is Residential Special Type - II, indicating its designated use for residential purposes.

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, in the Chengalpattu registration zone.

How is the stamp duty calculated for properties in V.G.P. Pon Nagar 8th Cross Street?

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