Guideline Value for V.K.N. Nagar 2nd street

V.K.N. Nagar 2nd street guideline value

The current guideline value for V.K.N. Nagar 2nd street is Rs 400 per sq.ft, effective from 1 July 2024. This street is located in Ikkadu village and falls under the Tiruvallur Joint 1 SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of V.K.N. Nagar 2nd street has changed

The guideline value for V.K.N. Nagar 2nd street has undergone several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 50 per sq.ft. This figure saw a significant increase to Rs 400 per sq.ft in 2012, marking a rise of 700%. However, it then decreased to Rs 268 per sq.ft in 2017, a drop of 33%. The value remained at Rs 400 per sq.ft in both 2023 and the latest 2024 revision, indicating no change from the previous year.

In summary, from 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, there has been a substantial increase of 700% in the guideline value for this street. The register has no figure for the years 2002 and 2003.

Guideline values in Ikkadu

In Ikkadu, there are 51 streets under the Tiruvallur Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 1,400 per sq.ft. The median guideline value for these streets is Rs 400 per sq.ft, which is equal to the current value for V.K.N. Nagar 2nd street.

• V.K.N. Nagar 1st Street: Rs 400 per sq.ft (2024)
• V.K.N. Nagar 3rd street: Rs 400 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 500 per sq.ft (2024)
• Vetri Enclave Phase III: Rs 500 per sq.ft (2024)
• Venkat Ramani Nagar: Rs 400 per sq.ft (2024)
• Vasantham Town: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in V.K.N. Nagar 2nd street

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would amount to Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total cost for these fees to Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.K.N. Nagar 2nd street?

The Sub Registrar Office that covers V.K.N. Nagar 2nd street is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001. You can find your SRO for further assistance.

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

The guideline value is a critical factor in the registration process when buying or selling property in Ikkadu. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for V.K.N. Nagar 2nd street?

The current guideline value for V.K.N. Nagar 2nd street is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 400 per sq.ft in 2012, then decreased to Rs 268 per sq.ft in 2017, and has remained at Rs 400 per sq.ft in both 2023 and 2024.

What is the land classification for V.K.N. Nagar 2nd street?

The land classification for V.K.N. Nagar 2nd street is Residential Class II Type - II.

Where can I find the registration office for V.K.N. Nagar 2nd street?

The registration office for V.K.N. Nagar 2nd street is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the guideline value of Rs 400 per sq.ft, the total fees would amount to Rs 36,000.