Guideline Value for V.G.P.LAY OUT PART I & II & III

V.G.P.Lay Out Part I & II & III guideline value

The current guideline value for V.G.P.Lay Out Part I & II & III is Rs 5,000 per sq.ft, effective from 1 July 2024. This area is located in Enjambakkam village and falls under the Neelankarai SRO, classified as Residential Special Type - III.

How the guideline value of V.G.P.Lay Out Part I & II & III has changed

The guideline value for V.G.P.Lay Out Part I & II & III has undergone several revisions over the years. In 2012, the guideline value was Rs 4,500 per sq.ft, which then decreased to Rs 3,015 per sq.ft in 2017. Following this, there was a significant increase to Rs 4,500 per sq.ft in 2023, and the current revision in 2024 has raised it further to Rs 5,000 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

Between the revisions, the guideline value saw an increase of 49% from 2017 to 2023, followed by an 11% increase from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 11%.

Guideline values in Enjambakkam

In Enjambakkam, there are 253 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 7,200 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, making the current figure for V.G.P.Lay Out Part I & II & III above the median.

• V.G.P.Golden Beach: Rs 5,000 per sq.ft (2024)
• VETTUVANKENI 2nd AVENUE: Rs 4,500 per sq.ft (2024)
• VETTUVANKENI 1st AVENUE: Rs 4,500 per sq.ft (2024)
• Vimala Garden: Rs 3,900 per sq.ft (2024)
• Vinayakar Koil Street (Pillaiyar Koil Street): Rs 2,800 per sq.ft (2024)
• Vivekanandar Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P.Lay Out Part I & II & III

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total fees to Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers V.G.P.Lay Out Part I & II & III?

The V.G.P.Lay Out Part I & II & III 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. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Enjambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that both parties are aware of the financial obligations involved in the transaction.

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

Frequently asked questions

What is the current guideline value for V.G.P.Lay Out Part I & II & III?

The current guideline value for V.G.P.Lay Out Part I & II & III is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,500 per sq.ft in 2012 to Rs 3,015 per sq.ft in 2017, then to Rs 4,500 per sq.ft in 2023, and finally to Rs 5,000 per sq.ft in 2024.

What is the land classification for V.G.P.Lay Out Part I & II & III?

V.G.P.Lay Out Part I & II & III is classified as Residential Special Type - III.

Where can I find the Neelankarai Sub Registrar Office?

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 property transactions?

The stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a plot valued at Rs 50,00,000 would incur a stamp duty of Rs 3,50,000 at 7%.