Guideline Value for V.G.P. RAVI STREET

V.G.P. Ravi Street guideline value

The current guideline value of V.G.P. Ravi Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in the Sholinganallur - 1 village and falls under the Neelankarai SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of V.G.P. Ravi Street has changed

Over the years, the guideline value of V.G.P. Ravi Street has seen significant changes. The 2017 revision set the value at Rs 3,350 per sq.ft. This increased to Rs 5,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 5,500 per sq.ft, which is a 10% increase from the previous year.

Notably, there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are a total of 754 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for this area is Rs 2,200 per sq.ft, indicating that V.G.P. Ravi Street's 2024 figure is above this median.

• V.G.P. Raja Street: Rs 5,500 per sq.ft (2024)
• V.G.P. Prasad Street: Rs 5,500 per sq.ft (2024)
• V.G.P. Murbi Street, Ammal Joint Street: Rs 5,500 per sq.ft (2024)
• V.G.P. Murbi Street: Rs 5,500 per sq.ft (2024)
• V.G.P. Main Street Extension: Rs 5,500 per sq.ft (2024)
• V.G.P. Main Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Ravi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. 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 the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.G.P. Ravi Street?

The Sub Registrar Office that covers V.G.P. Ravi Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is an essential factor in the registration process when buying or selling property in Sholinganallur - 1. It serves as the minimum value for property transactions, ensuring that the registration fees and stamp duties are calculated based on this value.

When a property is registered, the guideline value helps determine the applicable stamp duty and registration fees, which are calculated as a percentage of the guideline value or the sale price, whichever is higher. This ensures transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of V.G.P. Ravi Street?

The current guideline value of V.G.P. Ravi Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased by 64% to the current value of Rs 5,500 per sq.ft. The most recent increase from 2023 to 2024 was 10%.

What is the land classification for V.G.P. Ravi Street?

The land classification for V.G.P. Ravi Street is Residential Special Type - III. This classification affects the guideline value and property usage in the area.

Where can I find the Sub Registrar Office for V.G.P. Ravi Street?

The Neelankarai Sub Registrar Office is responsible for V.G.P. Ravi Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000.