Guideline Value for V.G.P.PART III

V.G.P.Part III guideline value

The current guideline value for V.G.P.Part III in Uthandi village, under the Neelankarai SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of V.G.P.Part III has changed

The guideline value for V.G.P.Part III has undergone several revisions over the years. The earliest recorded figure is from 2003, where the guideline value was Rs 310 per sq.ft. This increased significantly to Rs 1,667 per sq.ft in 2007, marking a change of +438%. In 2012, the value saw a decrease to Rs 5,000 per sq.ft, a drop of -33%. The value then increased to Rs 3,350 per sq.ft in 2017, which was a +49% change from the previous figure. The guideline value was Rs 5,000 per sq.ft in 2023, and it has now increased to Rs 5,500 per sq.ft in 2024, reflecting a +10% change. The register has no figure for this street in 2002.

Overall, from 2003 to 2024, the guideline value has increased by +1674%. This substantial rise illustrates the changes in property valuation over the years, with the most recent revision reflecting the current market conditions.

Guideline values in Uthandi

In Uthandi, there are 197 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 14,700 per sq.ft, with a median value of Rs 1,700 per sq.ft. The guideline value for V.G.P.Part III is above this median.

• V.G.P.Part II: Rs 5,500 per sq.ft (2024)
• V.G.P.Part I: Rs 5,500 per sq.ft (2024)
• V.G.P.Layout Part II Main Road: Rs 5,000 per sq.ft (2024)
• V.G.P.Layout Part II Cross Road: Rs 5,000 per sq.ft (2024)
• V.G.P.LAYOUT PART I - 3rd MAIN ROAD: Rs 5,500 per sq.ft (2024)
• V.G.P.LAYOUT PART I - 3rd CROSS ROAD: Rs 5,500 per sq.ft (2024)

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

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 at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.G.P.Part III?

The V.G.P.Part III area 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 Uthandi

The guideline value plays a crucial role when registering property transactions in Uthandi. It serves as a benchmark for determining the value of the property, which is essential for calculating stamp duty and registration fees. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When a property is bought or sold, the registration authority uses the guideline value to assess the applicable duties. This ensures that the transaction is recorded accurately and that the appropriate fees are collected based on the established guideline value.

Frequently asked questions

What is the current guideline value for V.G.P.Part III?

The current guideline value for V.G.P.Part III 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 310 per sq.ft in 2003 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of +1674% over this period.

What is the land classification for V.G.P.Part III?

The land classification for V.G.P.Part III is Residential Special Type - I.

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 stamp duty calculated for properties in V.G.P.Part III?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at 7%.