Guideline Value for V.I.P.NAGAR

V.I.P.Nagar guideline value

The current guideline value of V.I.P.Nagar, located in Vinjiyampakkam village, is Rs 1,500 per sq.ft, effective from 1 July 2024. This area falls under the Chengleput Joint II SRO and is classified as Residential Special Type - II.

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 2012, the guideline value was set at Rs 700 per sq.ft. This figure remained unchanged until 2017, when it increased to Rs 469 per sq.ft. However, the 2023 revision marked a significant increase to Rs 700 per sq.ft, followed by another substantial rise to Rs 1,500 per sq.ft in 2024, representing a 114% increase from the previous year.

Between the revisions, the changes are as follows: from 2012 to 2017, there was a decrease of 33%, while from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 114%. The register has no figure for the years 2002, 2003, and 2007 for this street.

Guideline values in Vinjiyampakkam

In Vinjiyampakkam, there are seven streets under the Chengleput Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,500 to Rs 2,300 per sq.ft. The median value for these streets is Rs 1,500 per sq.ft, which is the same as the guideline value for V.I.P.Nagar.

• Singai Nagar: Rs 1,500 per sq.ft (2024)
• Pushpha Thanda Nagar Extn: Rs 2,000 per sq.ft (2024)
• Pushpha Thanda Nagar: Rs 2,000 per sq.ft (2024)
• Ohm Shakthi Nagar: Rs 1,500 per sq.ft (2024)
• V.I.P. Nagar Extension: Rs 1,500 per sq.ft (2024)
• ஸ்ரீ விக்னேஷ் குமார் நகர்: Rs 2,300 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 1,500 per sq.ft, the total guideline value would be Rs 15,00,000. The stamp duty at 7% would amount to Rs 1,05,000, and the registration fee at 2% would be Rs 30,000, bringing the total charges to Rs 1,35,000. It is important to note that 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 detailed calculations.

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

The Sub Registrar Office that covers V.I.P.Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Vinjiyampakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Vinjiyampakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with the legal requirements during property transactions.

When a property is registered, the guideline value is used to calculate the applicable duties and fees. This ensures that the transaction is recorded accurately and that the necessary taxes are paid based on the established guideline value.

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 1,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 1,500 per sq.ft in 2024, reflecting an overall increase of 114% over this period.

What is the land classification of V.I.P.Nagar?

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

What are the stamp duty and registration fees for V.I.P.Nagar?

For a 1,000 sq.ft plot, the stamp duty would be Rs 1,05,000, and the registration fee would be Rs 30,000, totaling Rs 1,35,000 based on the guideline value.

Which office handles registrations for V.I.P.Nagar?

The Chengleput Joint II Sub Registrar Office handles registrations for V.I.P.Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.