Guideline Value for V.G.P. WEST PART MAIN ROAD

V.G.P. West Part Main Road guideline value

The current guideline value of V.G.P. West Part Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 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. West Part Main Road has changed

The guideline value for V.G.P. West Part Main Road has seen significant changes over the years. In the 2017 revision, the value was set 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 brought the guideline value to Rs 5,500 per sq.ft, which is a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for V.G.P. West Part Main Road is above this median.

• V.G.P.South Part - VIII: Rs 5,500 per sq.ft (2024)
• V.G.P.South Part - VII: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part VI: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part V: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part IV: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part III: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P. West Part Main Road

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 fees 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers V.G.P. West Part Main Road?

The V.G.P. West Part Main Road is covered by 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 a crucial factor in the registration process when buying or selling property in Sholinganallur - 1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two values is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of V.G.P. West Part Main Road?

The current guideline value of V.G.P. West Part Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,350 per sq.ft in 2017 to Rs 5,500 per sq.ft in 2024, reflecting a 64% increase overall. The value increased by 49% from 2017 to 2023 and by 10% from 2023 to 2024.

What is the land classification for V.G.P. West Part Main Road?

The land classification for V.G.P. West Part Main Road is Residential Special Type - III.

What are the stamp duty and registration fees for a property on this street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles registrations for V.G.P. West Part Main Road?

The Neelankarai Sub Registrar Office handles registrations for V.G.P. West Part Main Road, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.