Guideline Value for V.G.P.Srinivasa Nagar North 2nd Street

V.G.P.Srinivasa Nagar North 2nd Street guideline value

The current guideline value for V.G.P.Srinivasa Nagar North 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of V.G.P.Srinivasa Nagar North 2nd Street has changed

The guideline value for V.G.P.Srinivasa Nagar North 2nd Street has seen several revisions over the years. The earliest recorded revision was in 2012, where the value was Rs 2,500 per sq.ft. In 2017, it decreased to Rs 1,675 per sq.ft, representing a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, marking a 49% rise. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, reflecting an 8% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 5,000 per sq.ft. The median value for these streets is Rs 2,150 per sq.ft, placing V.G.P.Srinivasa Nagar North 2nd Street above this median.

• V.G.P.Srinivasa Nagar North 1st Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar North 3rd Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar North 4th Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar North 5th Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar North 6th Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar North 7th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P.Srinivasa Nagar North 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.G.P.Srinivasa Nagar North 2nd Street?

The V.G.P.Srinivasa Nagar North 2nd Street falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Rajakilpakkam. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated, ensuring that all property transactions are recorded at a fair value.

When buying or selling property, the guideline value helps in establishing a transparent pricing mechanism. This ensures that both buyers and sellers are aware of the minimum costs involved in the transaction, promoting a standardized approach to property dealings.

Frequently asked questions

What is the current guideline value for V.G.P.Srinivasa Nagar North 2nd Street?

The current guideline value for V.G.P.Srinivasa Nagar North 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, an increase of 8%. It was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012, showing a significant change over the years.

What is the land classification for V.G.P.Srinivasa Nagar North 2nd Street?

The land classification for V.G.P.Srinivasa Nagar North 2nd Street is Residential Special Type - I.

Which Sub Registrar Office covers this area?

The Selaiyur Sub Registrar Office covers V.G.P.Srinivasa Nagar North 2nd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the stamp duty calculated for property transactions?

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 27,00,000 would incur a stamp duty of Rs 1,89,000 at a rate of 7%.