Guideline Value for V.G.P.Srinivasa Street

V.G.P.Srinivasa Street guideline value

The current guideline value of V.G.P.Srinivasa 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 it falls under the land classification of Residential Special Type - I.

How the guideline value of V.G.P.Srinivasa Street has changed

The guideline value for V.G.P.Srinivasa Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was later decreased to Rs 1,675 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 2,500 per sq.ft. The latest revision in 2024 has further increased the guideline value to Rs 2,700 per sq.ft, marking an 8% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, when comparing the guideline value from 2012 to 2024, there has been an 8% increase.

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 for these streets is Rs 2,150 per sq.ft, placing V.G.P.Srinivasa Street above this median.

• V.G.P.Srinivasa Nagar South 6th street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar South 5th street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar South 4th 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 South 2nd Street: Rs 2,700 per sq.ft (2024)
• V.G.P.Srinivasa Nagar South 1st Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.P.Srinivasa 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 fees together to Rs 2,43,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.G.P.Srinivasa Street?

The Sub Registrar Office that covers V.G.P.Srinivasa Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opposite to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Rajakilpakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that transactions are documented accurately and fairly.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of V.G.P.Srinivasa Street?

The current guideline value of V.G.P.Srinivasa 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 several times, with the most recent increase being from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024. Overall, from 2012 to 2024, there has been an 8% increase.

What are the other streets in Rajakilpakkam with the same guideline value?

Several other streets in Rajakilpakkam have the same guideline value of Rs 2,700 per sq.ft in 2024, including V.G.P.Srinivasa Nagar South 1st to 6th streets.

What is the registration office for V.G.P.Srinivasa Street?

The registration office for V.G.P.Srinivasa Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a property valued at Rs 27,00,000 would incur a total fee of Rs 2,43,000.