Guideline Value for V.G.P.SOUTH PART - VIII

V.G.P.South Part - VIII guideline value

The current guideline value for V.G.P.South Part - VIII is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 under the Neelankarai SRO, with a land classification of Residential Special Type - III.

How the guideline value of V.G.P.South Part - VIII has changed

Over the years, the guideline value for V.G.P.South Part - VIII has seen several revisions. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, which is an increase from Rs 5,000 per sq.ft in the 2023 revision, representing a change of +10%. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Prior to the 2023 revision, the guideline values for the earlier years are not available in the register. Therefore, the only available figures are from 2023 and 2024, with the 2024 figure being higher than that of 2023.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are a total of 754 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for V.G.P.South Part - VIII is above this median.

• V.G.P.South Part - VII: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part VI: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part V: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part IV: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part III: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part II: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P.South Part - VIII

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 the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.G.P.South Part - VIII?

The V.G.P.South Part - VIII falls under the jurisdiction of 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 Sholinganallur - 1

The guideline value is a crucial factor during the registration process of property transactions in Sholinganallur - 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, both the buyer and seller must be aware of the guideline value to avoid any discrepancies during registration. This value helps in assessing the financial implications of the transaction, including the applicable duties and fees.

Frequently asked questions

What is the current guideline value of V.G.P.South Part - VIII?

The current guideline value of V.G.P.South Part - VIII is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 5,000 per sq.ft in 2023 to Rs 5,500 per sq.ft in 2024, marking a 10% rise. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification for V.G.P.South Part - VIII?

The land classification for V.G.P.South Part - VIII is Residential Special Type - III. This classification is important for understanding the zoning and permissible uses of the property.

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.South Part - VIII?

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