Guideline Value for V.G.P.COLONY

V.G.P.Colony guideline value

The current guideline value of V.G.P.Colony, located in Palavakkam village under the Neelankarai SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - III.

How the guideline value of V.G.P.Colony has changed

Over the years, the guideline value of V.G.P.Colony has seen several revisions. The earliest recorded figure is from 2002, where the guideline value was Rs 367 per sq.ft. This increased to Rs 457 per sq.ft in 2003, marking a 25% rise. The value continued to climb significantly, reaching Rs 2,289 per sq.ft in 2007, which was a substantial increase of 401%. By 2012, the guideline value was Rs 5,000 per sq.ft, reflecting an increase of 118% from the previous revision. However, this figure dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%.

In 2023, the guideline value rose to Rs 5,000 per sq.ft, and the latest revision in 2024 has set it at Rs 5,500 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by an impressive 1399%.

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 of V.G.P.Colony is above this median.

• V.G.P.Golden Beach 1st Main Road: Rs 5,500 per sq.ft (2024)
• V.G.P.Golden Beach 1st Part: Rs 5,500 per sq.ft (2024)
• V.G.P.Golden Beach 2nd Main Road: Rs 5,500 per sq.ft (2024)
• V.G.P.Golden Beach 2nd Part: Rs 5,500 per sq.ft (2024)
• V.G.P.Golden Beach 3rd Main Road: Rs 5,500 per sq.ft (2024)
• V.G.P.Golden Beach 3rd Part: Rs 5,500 per sq.ft (2024)

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

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 is charged at 7%, which totals Rs 3,85,000, while the registration fee is 2%, amounting to Rs 1,10,000. Together, the total cost for stamp duty and registration fee is Rs 4,95,000. 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.Colony?

The Sub Registrar Office that covers V.G.P.Colony is 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 details.

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

The guideline value is a crucial factor when registering property transactions in Palavakkam. It determines the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must consider this value to ensure compliance with local regulations during property transactions.

When a property is bought or sold, the guideline value serves as a reference point for the transaction. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of V.G.P.Colony 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 significantly from Rs 367 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 1399% over this period.

What are the stamp duty and registration fees for property in V.G.P.Colony?

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

Which Sub Registrar Office is responsible for V.G.P.Colony?

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

What is the land classification of V.G.P.Colony?

V.G.P.Colony is classified as Residential Special Type - III, which is pertinent for understanding the guideline value and regulations applicable to this area.