Guideline Value for V.G.P.PART I

V.G.P.Part I guideline value

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

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

The guideline value for V.G.P.Part I has undergone several revisions over the years. Starting from the 2003 revision, 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%. The value then rose to Rs 5,000 per sq.ft in 2012, which was a +200% increase. However, it decreased to Rs 3,350 per sq.ft in 2017, reflecting a -33% change. The 2023 revision saw an increase to Rs 5,000 per sq.ft, and the latest 2024 revision has set the value at Rs 5,500 per sq.ft, a +10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by +1674%. It is important to note that there is no figure available for this street in the 2002 revision.

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. The median guideline value in this area is Rs 1,700 per sq.ft, placing V.G.P.Part I's 2024 figure above that median.

• V.G.P.Part II: 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 I

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, charged at 7%, would amount to Rs 3,85,000, and the registration fee, charged at 2%, would be Rs 1,10,000. Together, the total cost for these fees would be Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

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

The V.G.P.Part I property falls under 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 more information.

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

The guideline value is a crucial factor in property transactions in Uthandi. It is used to determine the stamp duty and registration fees applicable when buying or selling a property. The guideline value serves as a benchmark for the minimum price at which a property can be registered.

When you register a property, the authorities will assess the guideline value to calculate the applicable fees. This ensures that both the buyer and seller are aware of the costs involved in the transaction, based on the established guideline value for the property.

Frequently asked questions

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

The current guideline value of V.G.P.Part I 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 seen several changes, starting from Rs 310 per sq.ft in 2003 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of +1674% over the years.

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

V.G.P.Part I is classified as Residential Special Type - I, which influences its guideline value and usage.

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 Uthandi?

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