Guideline Value for V.G.P.Nagar

V.G.P.Nagar guideline value

The current guideline value of V.G.P.Nagar is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is located in Mugappair village and falls under the Konnur SRO, classified as Residential Special Type - I.

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

Over the years, the guideline value for V.G.P.Nagar has seen several revisions. The 2007 revision set the guideline value at Rs 2,000 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in the 2012 revision. However, this figure dropped to Rs 4,355 per sq.ft in the 2017 revision. The 2023 revision marked a rise to Rs 6,500 per sq.ft, followed by the current value of Rs 7,100 per sq.ft from the 2024 revision.

In terms of percentage changes, the value increased by 225% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then rose by 49% from 2017 to 2023. The transition from 2023 to 2024 shows an increase of 9%. Overall, from 2007 to 2024, the guideline value has increased by 255%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO with a 2024 guideline value range from Rs 3,300 to Rs 8,800 per sq.ft. The median value among these streets is Rs 7,100 per sq.ft, which is equal to the current guideline value of V.G.P.Nagar.

• V.G.N Avenue Phase I: Rs 7,100 per sq.ft (2024)
• V.G.N.Avenue Phase 2: Rs 7,100 per sq.ft (2024)
• V.G.N Avenue: Rs 7,100 per sq.ft (2024)
• Veyalate Flats: Rs 7,100 per sq.ft (2024)
• Venugobal Samy Street @ Venugopal Street: Rs 7,100 per sq.ft (2024)
• Vellalar Street: Rs 5,500 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. Please 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 details.

Which Sub Registrar Office covers V.G.P.Nagar?

The Sub Registrar Office covering V.G.P.Nagar is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Mugappair. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When a buyer or seller approaches the registration office, the guideline value is assessed to ensure that the transaction is recorded accurately. This value helps in establishing a legal framework for the transaction and ensures compliance with local regulations.

Frequently asked questions

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

The current guideline value of V.G.P.Nagar is Rs 7,100 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 2,000 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, showing an overall increase of 255%.

What are the other streets in Mugappair with the same guideline value?

Other streets in Mugappair with the same guideline value of Rs 7,100 per sq.ft include V.G.N Avenue Phase I, V.G.N Avenue Phase 2, V.G.N Avenue, Veyalate Flats, and Venugobal Samy Street @ Venugopal Street.

What is the stamp duty for property in V.G.P.Nagar?

The stamp duty for property in V.G.P.Nagar is 7% of the guideline value or the sale price, whichever is higher. For a plot valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000.

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

The Sub Registrar Office for V.G.P.Nagar is located at the Konnur Sub Registrar Office, Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.