Guideline Value for V.G.V. Nagar Extension

V.G.V. Nagar Extension guideline value

The current guideline value of V.G.V. Nagar Extension is Rs 1,210 per sq.ft. This area is located in Kannampalayam village, under the Kunrathur SRO, and is classified as Residential Special Type - I.

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

The guideline value for V.G.V. Nagar Extension has undergone several revisions over the years. The 2012 revision set the value at Rs 1,100 per sq.ft, which decreased to Rs 738 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,102 per sq.ft in 2023, and the latest revision in 2024 has raised it further to Rs 1,210 per sq.ft, reflecting a 10% increase from the previous year.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it saw a substantial increase of 49%. Overall, when comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kannampalayam

In Kannampalayam, there are 75 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 765 to Rs 4,000 per sq.ft. The median guideline value in this area is Rs 1,375 per sq.ft, positioning V.G.V. Nagar Extension's 2024 figure below that median.

• V.G.V. Nagar: Rs 1,210 per sq.ft (2024)
• V.G.V. Nagar Extension II: Rs 1,210 per sq.ft (2024)
• V.G.N. Nagar: Rs 1,210 per sq.ft (2024)
• Vallalar Nagar: Rs 880 per sq.ft (2024)
• Unnamalai Amman Nagar: Rs 765 per sq.ft (2024)
• Sri Padmavathi Nagar: Rs 885 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,210 per sq.ft, the total guideline value amounts to Rs 12,10,000. The stamp duty, charged at 7%, would be Rs 84,700, while the registration fee at 2% would be Rs 24,200, bringing the total to Rs 1,08,900. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

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

The V.G.V. Nagar Extension falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for further assistance.

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

The guideline value is a critical factor during property transactions in Kannampalayam, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider the guideline value to understand the financial implications of their transactions, including stamp duty and registration fees.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. These costs are based on the higher of the guideline value or the actual sale price, ensuring that the registration reflects the true value of the property being transferred.

Frequently asked questions

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

The current guideline value of V.G.V. Nagar Extension is Rs 1,210 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most recent increase from Rs 1,102 per sq.ft in 2023 to Rs 1,210 per sq.ft in 2024, marking a 10% rise.

What is the land classification for V.G.V. Nagar Extension?

V.G.V. Nagar Extension is classified as Residential Special Type - I, indicating its suitability for residential development.

What are the registration fees for property transactions?

Registration fees are calculated based on the guideline value or the sale price, whichever is higher. For instance, a property valued at Rs 12,10,000 would incur a registration fee of Rs 24,200 at 2%.

Where can I find the Kunrathur Sub Registrar Office?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069, which covers V.G.V. Nagar Extension.