Guideline Value for V.G.P. SHANTHI NAGAR LAKSHMI STREET EXTENSION

V.G.P. Shanthi Nagar Lakshmi Street Extension guideline value

The current guideline value of V.G.P. Shanthi Nagar Lakshmi Street Extension is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village, under the Chennai South Joint I SRO, and is classified as Commercial Class I Type - I.

How the guideline value of V.G.P. Shanthi Nagar Lakshmi Street Extension has changed

The guideline value for V.G.P. Shanthi Nagar Lakshmi Street Extension has undergone several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then reduced to Rs 2,345 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,500 per sq.ft, and the most recent 2024 revision has raised it to Rs 3,850 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%, while the transition from 2012 to 2017 saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

In Pallikaranai, a total of 749 streets fall under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing V.G.P. Shanthi Nagar Lakshmi Street Extension above this median.

• V.G.P.Shanthi Nagar Kanchi Street: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Main Road: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Extension 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• V.G.P. Shanthi Nagar Mullai Street: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Extension 1st Cross Street: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Pari Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Shanthi Nagar Lakshmi Street Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total 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, bringing the total fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.G.P. Shanthi Nagar Lakshmi Street Extension?

The V.G.P. Shanthi Nagar Lakshmi Street Extension falls under 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 crucial factor in the registration process of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential to consider this value during negotiations, as it is the basis for calculating the applicable duties and fees during the registration process.

Frequently asked questions

What is the current guideline value of V.G.P. Shanthi Nagar Lakshmi Street Extension?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then back to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification for V.G.P. Shanthi Nagar Lakshmi Street Extension?

V.G.P. Shanthi Nagar Lakshmi Street Extension is classified as Commercial Class I Type - I.

Where can I find the registration office for this area?

The registration office for V.G.P. Shanthi Nagar Lakshmi Street Extension 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.

How is stamp duty calculated for properties in Pallikaranai?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at 7%.