Guideline Value for V.G.P. Santhosham Nagar, Ponniammanmedu (Ward-23)

V.G.P. Santhosham Nagar, Ponniammanmedu (Ward-23) guideline value

The current guideline value for V.G.P. Santhosham Nagar, Ponniammanmedu (Ward-23) is Rs 3,250 per sq.ft, effective from 1 July 2024. This area is part of Madhavaram village, which falls under the Madhavaram SRO, and is classified as Mixed Type - I land.

How the guideline value of V.G.P. Santhosham Nagar, Ponniammanmedu (Ward-23) has changed

The guideline value for V.G.P. Santhosham Nagar has undergone several revisions over the years. In 2012, the value was set at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in 2017. 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, marking an 8% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, comparing the values from 2012 to 2024, there has been an increase of 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

The guideline values for the 1,946 streets in Madhavaram under the Madhavaram SRO for 2024 range from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. V.G.P. Santhosham Nagar's current guideline value is above this median.

• V.G.P. Santhosh Nagar: 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. Santhosham Nagar, Ponniammanmedu (Ward-23)

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 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. Santhosham Nagar, Ponniammanmedu (Ward-23)?

The Sub Registrar Office that covers V.G.P. Santhosham Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the value of the property for taxation purposes, ensuring that the government receives appropriate revenue from property transactions.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees. This ensures that all transactions are conducted fairly and transparently, based on the established values set by the Registration Department.

Frequently asked questions

What is the current guideline value for V.G.P. Santhosham Nagar?

The current guideline value for V.G.P. Santhosham Nagar, Ponniammanmedu (Ward-23) 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 2012 to Rs 2,010 per sq.ft in 2017, then to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,250 per sq.ft in 2024. The changes reflect a significant increase from 2017 to 2023 and a smaller increase from 2023 to 2024.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 32,50,000, the stamp duty would be Rs 2,27,500, and the registration fee would be Rs 65,000, totaling Rs 2,92,500. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for V.G.P. Santhosham Nagar located?

The Sub Registrar Office for V.G.P. Santhosham Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

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

The land classification for V.G.P. Santhosham Nagar is Mixed Type - I, indicating a blend of various land uses within the area.