Guideline Value for V.G.P.SHANTHI NAGAR 1ST STREET

V.G.P.Shanthi Nagar 1st Street guideline value

The current guideline value of V.G.P.Shanthi Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of V.G.P.Shanthi Nagar 1st Street has changed

The guideline value for V.G.P.Shanthi Nagar 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in the 2017 revision. However, the most recent 2024 revision increased the value significantly to Rs 3,850 per sq.ft, marking a 64% rise from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, there has been a 10% increase in the guideline value. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with guideline values in 2024 ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing V.G.P.Shanthi Nagar 1st Street's 2024 figure above that median.

• Vgp Shanthi Nagar: Rs 2,750 per sq.ft (2024)
• V.G.P.Shanthi Nagar 3rd Street (Elango): Rs 3,850 per sq.ft (2024)
• V.G.P. Shanthi First Labour Colony: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar 4th Street(Avvai): Rs 3,850 per sq.ft (2024)
• V.G.P. Shanthi Elango Street Extension: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Bharathi Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P.Shanthi Nagar 1st Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.G.P.Shanthi Nagar 1st Street?

The V.G.P.Shanthi Nagar 1st Street is covered by the Chennai South Joint I 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 information.

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

The guideline value is a crucial factor in the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is used to calculate the stamp duty and registration fees, which are essential components of the property registration process.

Frequently asked questions

What is the current guideline value of V.G.P.Shanthi Nagar 1st Street?

The current guideline value of V.G.P.Shanthi Nagar 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, and then increased to Rs 3,850 per sq.ft in 2024.

What is the land classification of V.G.P.Shanthi Nagar 1st Street?

The land classification for V.G.P.Shanthi Nagar 1st Street is Commercial Class I Type - I.

Which office handles the registration for V.G.P.Shanthi Nagar 1st Street?

The registration for V.G.P.Shanthi Nagar 1st Street is handled by the Chennai South Joint I Sub Registrar Office.

How is stamp duty calculated for properties in V.G.P.Shanthi Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft property at the current guideline value, the stamp duty would be Rs 2,69,500.