Guideline Value for V.G.P. Pon Nagar North

V.G.P. Pon Nagar North guideline value

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

How the guideline value of V.G.P. Pon Nagar North has changed

Over the years, the guideline value of V.G.P. Pon Nagar North has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,000 per sq.ft in the 2023 revision, and currently stands at Rs 2,200 per sq.ft as per the 2024 revision, effective from 1 July 2024.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register does not contain 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 for V.G.P. Pon Nagar North. Below are the guideline values for other streets in Chembakkam:

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

Stamp duty and registration fee for property in V.G.P. Pon Nagar North

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 is charged at 7%, which totals Rs 1,54,000, and the registration fee at 2% amounts to Rs 44,000. Together, the total cost for these fees is 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, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.G.P. Pon Nagar North?

The Sub Registrar Office that covers V.G.P. Pon Nagar North 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 critical factor in the registration process when buying or selling property in Chembakkam. It is used to determine the stamp duty and registration fees applicable to a property transaction. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value serves as a benchmark for the transaction, ensuring that the government receives the appropriate revenue from property sales. This helps maintain transparency in the real estate market and ensures that all transactions are conducted fairly.

Frequently asked questions

What is the current guideline value of V.G.P. Pon Nagar North?

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

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft in 2024.

What is the land classification for V.G.P. Pon Nagar North?

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

What is the stamp duty rate for property in V.G.P. Pon Nagar North?

The stamp duty rate for property in V.G.P. Pon Nagar North is 7% of the guideline value or sale price, whichever is higher.

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.