Guideline Value for V.I.P. Nagar

V.I.P. Nagar guideline value

The current guideline value of V.I.P. Nagar, located in Mambakkam village under the Madurandakam SRO, is Rs 330 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of V.I.P. Nagar has changed

The guideline value for V.I.P. Nagar has seen several revisions over the years. In 2007, the value was set at Rs 100 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2012, marking a 200% rise. However, it then decreased to Rs 201 per sq.ft in 2017, reflecting a 33% drop. The value rose again to Rs 300 per sq.ft in 2023 and finally reached Rs 330 per sq.ft in the 2024 revision, representing 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 for this street in the register.

Guideline values in Mambakkam

In Mambakkam, there are 26 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 770 per sq.ft, with the median being Rs 330 per sq.ft. V.I.P. Nagar's 2024 guideline value aligns with this median.

• Vasantham Nagar: Rs 330 per sq.ft (2024)
• Sun City: Rs 770 per sq.ft (2024)
• Sri Vishnu Avenue: Rs 770 per sq.ft (2024)
• Sri Sakthi Vinayagar Nagar: Rs 330 per sq.ft (2024)
• Sri Sai Nagar: Rs 770 per sq.ft (2024)
• Selva Vinayagar Nagar: Rs 330 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty, charged at 7%, would be Rs 23,100, and the registration fee at 2% would be Rs 6,600, totaling Rs 29,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.I.P. Nagar?

The Sub Registrar Office that covers V.I.P. Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during property registration in Mambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers should be aware that the guideline value is used to ensure transparency and standardization in property transactions.

When a property is registered, the guideline value helps in calculating the applicable taxes and fees. This ensures that both parties in the transaction are aware of the financial obligations involved, based on the officially recognized value of the property.

Frequently asked questions

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

The current guideline value of V.I.P. Nagar is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 330 per sq.ft in 2024, reflecting a total increase of 230% over the years.

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

Other streets in Mambakkam include Vasantham Nagar and Sri Sakthi Vinayagar Nagar at Rs 330 per sq.ft, while Sun City, Sri Vishnu Avenue, and Sri Sai Nagar are at Rs 770 per sq.ft.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 3,30,000, the total fees would amount to Rs 29,700.

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

The Sub Registrar Office for V.I.P. Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.