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

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

The current guideline value of V.G.P.South Part - VII 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, classified as Residential Special Type - III.

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

Over the years, the guideline value for V.G.P.South Part - VII has seen several revisions. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 5,000 per sq.ft, which increased to Rs 5,500 per sq.ft in the 2024 revision, marking a 10% rise.

The most recent revision in 2024 reflects the growing value of properties in this area. The current rate of Rs 5,500 per sq.ft is indicative of the changing landscape in Sholinganallur - 1.

Guideline values in Sholinganallur - 1

Sholinganallur - 1 has a total of 754 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for this village is Rs 2,200 per sq.ft, and V.G.P.South Part - VII's current figure is notably above this median.

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

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, leading to a total cost of 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

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

The V.G.P.South Part - VII 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. 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 critical factor in the registration process when buying or selling property in Sholinganallur - 1. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the current market conditions.

When a property transaction occurs, the guideline value helps determine the minimum value at which the property can be registered. Buyers and sellers must be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value for V.G.P.South Part - VII was Rs 5,000 per sq.ft in 2023 and increased to Rs 5,500 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

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

V.G.P.South Part - VII is classified as Residential Special Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000. Duty is charged on the higher of the guideline value or the sale price.

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.