Guideline Value for V.G.P.2ND CROSS STREET

V.G.P.2nd Cross Street guideline value

The current guideline value for V.G.P.2nd Cross Street in Palavakkam village, under the Neelankarai SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is classified as Residential Special Type - III.

How the guideline value of V.G.P.2nd Cross Street has changed

The guideline value for V.G.P.2nd Cross Street has seen several revisions over the years. In 2002, the value was Rs 375 per sq.ft. This increased to Rs 457 per sq.ft in 2003, marking a rise of 22%. The following revisions showed significant changes, with the value jumping to Rs 2,289 per sq.ft in 2007, a substantial increase of 401%. In 2012, the value changed to Rs 5,000 per sq.ft, reflecting an increase of 118% from the previous revision. However, in 2017, the value dropped to Rs 3,350 per sq.ft, which was a decrease of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, before reaching the current rate of Rs 5,500 per sq.ft in 2024, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1367%. There are no figures available for the revisions in years other than those listed.

Guideline values in Palavakkam

In Palavakkam, there are 349 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 3,300 per sq.ft. The guideline value for V.G.P.2nd Cross Street is above this median.

• V.G.P. 2nd Main Road Iiind Part: Rs 5,500 per sq.ft (2024)
• V.G.P. 1st Main Road Ist Part: Rs 5,500 per sq.ft (2024)
• V.G.P. 2nd Main Road Iind Part: Rs 5,500 per sq.ft (2024)
• V.G.P. 1st Main Road Iind Part: Rs 5,500 per sq.ft (2024)
• V.G.P. 2nd Main Road Ist Part: Rs 5,500 per sq.ft (2024)
• V.G.P. 1st Main Road Iiind Part: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P.2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty, charged at 7%, would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000. Together, these fees would total 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.

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

Which Sub Registrar Office covers V.G.P.2nd Cross Street?

The V.G.P.2nd Cross Street 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 Palavakkam

The guideline value is an essential factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price, as the registration fees and stamp duty are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the buyer must pay the applicable stamp duty and registration fees based on the guideline value. This ensures that the government receives the necessary revenue from property transactions, which is vital for maintaining public services and infrastructure.

Frequently asked questions

What is the current guideline value of V.G.P.2nd Cross Street?

The current guideline value of V.G.P.2nd Cross Street 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 375 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting significant increases and a few decreases over the years.

What are the other streets with the same guideline value?

Other streets in Palavakkam with the same guideline value of Rs 5,500 per sq.ft include V.G.P. 2nd Main Road Iiind Part, V.G.P. 1st Main Road Ist Part, V.G.P. 2nd Main Road Iind Part, V.G.P. 1st Main Road Iind Part, V.G.P. 2nd Main Road Ist Part, and V.G.P. 1st Main Road Iiind Part.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in V.G.P.2nd Cross Street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would amount to Rs 3,85,000.