Guideline Value for V.G.P. Santhosh Nagar

V.G.P. Santhosh Nagar guideline value

The current guideline value of V.G.P. Santhosh Nagar is Rs 3,250 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Mixed Type - I land.

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

The guideline value for V.G.P. Santhosh Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in 2017, marking a decrease of 33%. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and further rose to Rs 3,250 per sq.ft in 2024, reflecting an increase of 8% from the previous year.

Between the 2017 and 2023 revisions, the value saw a notable increase of 49%. Overall, from the 2012 revision to the current 2024 value, there has been an increase of 8%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for V.G.P. Santhosh Nagar is above this median.

• V.G.P. Santhosham Nagar, Ponniammanmedu (Ward-23): Rs 3,250 per sq.ft (2024)
• Victory Field (Interior) (Ward-16): Rs 1,300 per sq.ft (2024)
• Victory Field (Near MRH Road) (Ward-16): Rs 1,300 per sq.ft (2024)
• Victory Fields: Rs 1,300 per sq.ft (2024)
• Victory Fields Extension: Rs 2,200 per sq.ft (2024)
• Victory Fields Santham Nagar: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,250 per sq.ft, the total guideline value amounts to Rs 32,50,000. The stamp duty at 7% would be Rs 2,27,500, and the registration fee at 2% would be Rs 65,000, bringing the total fees to Rs 2,92,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

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

The V.G.P. Santhosh Nagar area falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in property transactions.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of V.G.P. Santhosh Nagar is Rs 3,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,250 per sq.ft in 2024, an increase of 8%. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing significant fluctuations over the years.

What is the land classification of V.G.P. Santhosh Nagar?

V.G.P. Santhosh Nagar is classified as Mixed Type - I land, which indicates a blend of residential and commercial uses.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles property registrations for the area.

How do stamp duty and registration fees work in V.G.P. Santhosh Nagar?

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 32,50,000, the stamp duty would be Rs 2,27,500 and the registration fee Rs 65,000, totaling Rs 2,92,500.