Guideline Value for V.G.P.Murthy Square

V.G.P.Murthy Square guideline value

The current guideline value of V.G.P.Murthy Square is Rs 11,000 per sq.ft, effective from 1 July 2024. This location is situated in Parangimalai village under the Chennai South Joint II SRO, classified as Commercial Class I Type - I.

How the guideline value of V.G.P.Murthy Square has changed

Over the years, the guideline value of V.G.P.Murthy Square has seen several revisions. The 2012 revision set the value at Rs 10,000 per sq.ft, which was later reduced to Rs 6,700 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly by 49% to reach Rs 10,000 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 11,000 per sq.ft, marking a 10% rise from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing V.G.P.Murthy Square above this median.

• Vishwanathapuram Street: Rs 3,850 per sq.ft (2024)
• Vishwanathar Koil Street: Rs 3,300 per sq.ft (2024)
• Vembuli Subedhar Street: Rs 3,850 per sq.ft (2024)
• V.P.Line: Rs 2,750 per sq.ft (2024)
• Well Sowrith Street: Rs 2,750 per sq.ft (2024)
• Vedagiri Street: Rs 3,850 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, bringing the total to Rs 9,90,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information on fees.

Which Sub Registrar Office covers V.G.P.Murthy Square?

The Sub Registrar Office that covers V.G.P.Murthy Square is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Parangimalai. It is used to determine the stamp duty and registration fees payable when a property is bought or sold. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When registering a property, the guideline value will be compared to the sale price, and the higher of the two will be 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.Murthy Square?

The current guideline value of V.G.P.Murthy Square is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 10,000 per sq.ft in 2012 to Rs 6,700 per sq.ft in 2017, then increased to Rs 10,000 per sq.ft in 2023, and finally to Rs 11,000 per sq.ft in 2024.

What is the land classification of V.G.P.Murthy Square?

V.G.P.Murthy Square is classified as Commercial Class I Type - I under the Chennai South Joint II SRO.

What are the stamp duty rates applicable?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same.

Where can I find the Sub Registrar Office for V.G.P.Murthy Square?

The Sub Registrar Office for V.G.P.Murthy Square is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.