Guideline Value for V.G.S. NAGAR

V.G.S. Nagar guideline value

The current guideline value of V.G.S. Nagar, located in Koladi village under the Chennai South Joint II SRO, is Rs 660 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - III land classification.

How the guideline value of V.G.S. Nagar has changed

The guideline value for V.G.S. Nagar has undergone several revisions over the years. The earliest registered figure is from 2007, where the value was Rs 200 per sq.ft. This increased to Rs 600 per sq.ft in 2012, then decreased to Rs 402 per sq.ft in 2017. Following that, the value rose significantly to Rs 600 per sq.ft in 2023, and finally reached Rs 660 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 230%. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Koladi

In Koladi, there are 175 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 4,000 per sq.ft, with a median value of Rs 1,100 per sq.ft. The guideline value for V.G.S. Nagar is below this median.

• Vigneswar Nagar: Rs 1,650 per sq.ft (2024)
• Vishak Avenu 1st And 2nd Cross: Rs 1,650 per sq.ft (2024)
• Vishak Avenue: Rs 1,650 per sq.ft (2024)
• Vishak Avenue Main Road: Rs 1,650 per sq.ft (2024)
• Vallikollai Medu 3rd Street: Rs 1,650 per sq.ft (2024)
• Vallikollai Medu 2nd Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in V.G.S. Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total cost to Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers V.G.S. Nagar?

The V.G.S. Nagar area is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Koladi, as it is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers should be aware that the guideline value is often considered the minimum value for transactions, ensuring that the government receives appropriate revenue from property sales.

When a property is sold, the registration office uses the guideline value to calculate applicable fees, which can influence the overall cost of buying or selling a property. Therefore, understanding the guideline value is essential for anyone involved in real estate transactions in Koladi.

Frequently asked questions

What is the current guideline value of V.G.S. Nagar?

The current guideline value of V.G.S. Nagar is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, showing an overall increase of 230% over the years.

What are the other streets in Koladi with their guideline values?

Other streets in Koladi include Vigneswar Nagar, Vishak Avenue, and Vallikollai Medu, with guideline values ranging from Rs 1,650 per sq.ft to Rs 1,650 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in V.G.S. Nagar?

The stamp duty is 7% and the registration fee is 2% of the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft property, the total fees would amount to Rs 59,400.

Where can I find the Sub Registrar Office for V.G.S. Nagar?

The Sub Registrar Office covering V.G.S. Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.