Guideline Value for V.I.P AVENUE EXTENSION

V.I.P Avenue Extension guideline value

The current guideline value of V.I.P Avenue Extension is Rs 2,900 per sq.ft. This property is located in Chitthalapakkam village, under the Selaiyur SRO, and is classified as Industries Type - I.

How the guideline value of V.I.P Avenue Extension has changed

Looking at the historical revisions, the guideline value for V.I.P Avenue Extension has seen significant changes over the years. The 2012 revision set the value at Rs 2,700 per sq.ft, which was a decrease of 33% from the previous figure of Rs 1,809 per sq.ft in 2017. The 2023 revision then increased the guideline value to Rs 2,700 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,900 per sq.ft, marking a 7% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 7%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Chitthalapakkam

In Chitthalapakkam, there are 107 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 5,000 per sq.ft, with a median value of Rs 2,900 per sq.ft. The guideline value for V.I.P Avenue Extension is equal to this median.

• V.I.P. Avenue: Rs 2,900 per sq.ft (2024)
• Vinoba Nagar: Rs 2,700 per sq.ft (2024)
• Vivekandar Nagar: Rs 3,300 per sq.ft (2024)
• Vivekandar Nagar Extension: Rs 3,300 per sq.ft (2024)
• Vijay Avenue Extension: Rs 2,900 per sq.ft (2024)
• Vijay Avenue 4th Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in V.I.P Avenue Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total to Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers V.I.P Avenue Extension?

The Sub Registrar Office that covers V.I.P Avenue Extension 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 Chitthalapakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Chitthalapakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a standard rate.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of V.I.P Avenue Extension?

The current guideline value of V.I.P Avenue Extension is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,700 per sq.ft in 2023 to Rs 2,900 per sq.ft in 2024, marking a 7% increase. It also rose from Rs 1,809 per sq.ft in 2017 to Rs 2,700 per sq.ft in 2023, a 49% increase.

What is the land classification for V.I.P Avenue Extension?

V.I.P Avenue Extension is classified as Industries Type - I, which indicates its suitability for industrial development.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is 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, if the guideline value is Rs 29,00,000, the stamp duty would be calculated at 7% of this amount.