Guideline Value for V.G.P.PART II

V.G.P.Part II guideline value

The current guideline value for V.G.P.Part II in Uthandi 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 - I.

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

The guideline value for V.G.P.Part II has undergone several revisions over the years. Starting from the 2003 revision, the value was Rs 310 per sq.ft. This increased significantly to Rs 1,667 per sq.ft in 2007, marking a rise of 438%. The value then saw a remarkable increase of 200% to reach Rs 5,000 per sq.ft in 2012. However, it decreased by 33% to Rs 3,350 per sq.ft in 2017. The next revision in 2023 saw a substantial rise of 49%, bringing the value to Rs 5,000 per sq.ft, which was then followed by another increase of 10% to the current value of Rs 5,500 per sq.ft in 2024.

It is important to note that the register has no figure for this street for the year 2002.

Guideline values in Uthandi

In Uthandi, there are 197 streets under the Neelankarai SRO that have 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. V.G.P.Part II's 2024 figure is above this median.

• V.G.P.Part I: Rs 5,500 per sq.ft (2024)
• V.G.P.Part III: 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 II

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, bringing the total charges to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office covering V.G.P.Part II 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 further assistance.

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

The guideline value is a crucial aspect of property transactions in Uthandi, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these charges are based on the official valuation set by the government.

Additionally, the guideline value helps maintain transparency in property transactions, providing a standardized measure for buyers and sellers alike. It is essential for all parties involved to be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

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

The current guideline value of V.G.P.Part II 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, with various revisions affecting the value over the years.

What is the land classification of V.G.P.Part II?

V.G.P.Part II is classified as Residential Special Type - I, indicating its designated use for residential purposes.

Where is the Neelankarai Sub Registrar Office located?

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 II?

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