Guideline Value for V.G.P. RAJESH NAGAR

V.G.P. Rajesh Nagar guideline value

The current guideline value for V.G.P. Rajesh Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Commercial Class I Type - I.

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

Over the years, the guideline value of V.G.P. Rajesh Nagar has seen significant changes. The earliest recorded figure is from 2002, with a guideline value of Rs 162 per sq.ft. This increased to Rs 191 per sq.ft in 2003, marking an 18% rise. By 2007, the value jumped to Rs 500 per sq.ft, reflecting a substantial increase of 162%. The 2012 revision saw the guideline value rise to Rs 3,500 per sq.ft, which was an increase of 600% from 2007. However, this value dropped to Rs 2,345 per sq.ft in 2017, indicating a decrease of 33%.

The guideline value continued to rise, reaching Rs 3,500 per sq.ft in 2023, and then increased again to Rs 3,850 per sq.ft in 2024, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 2,277%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing V.G.P. Rajesh Nagar's 2024 guideline value above this median.

• V.G.P.Rajesh Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Vgp Rajesh Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Vgp Rajesh Nagar 2nd Main Road: Rs 2,750 per sq.ft (2024)
• Vgp Rajeshnagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Vgp Rajesh Nagar 3rd Main Road: Rs 2,750 per sq.ft (2024)
• V.G.P.Rajesh Nagar 3rd Street: Rs 3,850 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.G.P. Rajesh Nagar?

The Sub Registrar Office that covers V.G.P. Rajesh Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Pallikaranai

The guideline value is a critical factor in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that the transaction is recorded accurately.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of V.G.P. Rajesh Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 162 per sq.ft to Rs 3,850 per sq.ft in 2024, marking an overall increase of 2,277%.

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

The land classification for V.G.P. Rajesh Nagar is Commercial Class I Type - I.

What are the stamp duty and registration fees for property in V.G.P. Rajesh Nagar?

The stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would amount to Rs 3,46,500.

Which office handles the registration for V.G.P. Rajesh Nagar?

The Chennai South Joint I Sub Registrar Office handles the registration for V.G.P. Rajesh Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.