Guideline Value for V.G.P.Srinivasa Nagar South 1st Street

V.G.P.Srinivasa Nagar South 1st Street guideline value

The current guideline value of V.G.P.Srinivasa Nagar South 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village and falls under the jurisdiction of the Selaiyur SRO. The land classification for this area is Residential Special Type - I.

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

The guideline value for V.G.P.Srinivasa Nagar South 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which remained unchanged in the 2017 revision, where it dropped to Rs 1,675 per sq.ft, marking a decrease of 33%. In the 2023 revision, the value increased to Rs 2,500 per sq.ft, followed by the current 2024 revision, which raised it to Rs 2,700 per sq.ft, reflecting an 8% increase.

Between the 2023 and 2024 revisions, there was an increase of 8%. The overall change from the 2012 revision to the 2024 revision shows a modest increase of 8% as well, despite the significant fluctuation in the intervening years. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 guideline value stands at Rs 2,150 per sq.ft, placing V.G.P.Srinivasa Nagar South 1st Street's 2024 figure above this median.

• V.G.P.Srinivasa Nagar North 8th Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar South 2nd Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar North 7th Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar South 3rd 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 South 4th Street: Rs 2,700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty, charged at 7%, would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, the total cost for stamp duty and registration would be Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value and 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 South 1st Street?

The Sub Registrar Office that covers V.G.P.Srinivasa Nagar South 1st Street is 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 plays a crucial role in the registration process of property transactions in Rajakilpakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared against the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that both buyers and sellers are aware of their financial obligations during the transaction.

Frequently asked questions

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

The current guideline value of V.G.P.Srinivasa Nagar South 1st 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 seen various changes, with the most recent revision in 2024 increasing it to Rs 2,700 per sq.ft from Rs 2,500 per sq.ft in 2023. The value has fluctuated significantly since 2012, where it was Rs 2,500 per sq.ft, dropping to Rs 1,675 per sq.ft in 2017.

What is the land classification for V.G.P.Srinivasa Nagar South 1st Street?

The land classification for V.G.P.Srinivasa Nagar South 1st Street is Residential Special Type - I. This classification is important for determining the permissible uses of the land.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering V.G.P.Srinivasa Nagar South 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 27,00,000, the stamp duty at 7% would be Rs 1,89,000.