Guideline Value for V.G.P. SHANTHI NAGAR V.O.C.STREET

V.G.P. Shanthi Nagar V.O.C.Street guideline value

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

How the guideline value of V.G.P. Shanthi Nagar V.O.C.Street has changed

In the 2012 revision, the guideline value was Rs 3,500 per sq.ft. This figure decreased to Rs 2,345 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2024, the guideline value increased significantly to Rs 3,850 per sq.ft, reflecting a rise of 64%. Overall, from 2012 to 2024, the change in the guideline value is an increase of 10%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO with a 2024 guideline value 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. Shanthi Nagar V.O.C.Street's 2024 figure above that median.

• V.G.P.Shanthi Nagar Santhosh Street: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Raja Veethi: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Pari 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 Main Road: Rs 3,850 per sq.ft (2024)
• V.G.P. Shanthi Nagar Lakshmi Street Extension: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. Shanthi Nagar V.O.C.Street

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 charges 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.G.P. Shanthi Nagar V.O.C.Street?

The V.G.P. Shanthi Nagar V.O.C.Street 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 plays a crucial role 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 from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price.

Frequently asked questions

What is the current guideline value of V.G.P. Shanthi Nagar V.O.C.Street?

The current guideline value of V.G.P. Shanthi Nagar V.O.C.Street 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 seen several revisions: it was Rs 3,500 per sq.ft in 2012, decreased to Rs 2,345 per sq.ft in 2017, and increased to Rs 3,850 per sq.ft in 2024.

What is the land classification for V.G.P. Shanthi Nagar V.O.C.Street?

The land classification for V.G.P. Shanthi Nagar V.O.C.Street is Commercial Class I Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering V.G.P. Shanthi Nagar V.O.C.Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in V.G.P. Shanthi Nagar V.O.C.Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total of Rs 3,46,500 in stamp duty and registration fees.