Guideline Value for V.L. Nagar

V.L. Nagar guideline value

The current guideline value of V.L. Nagar in Pothur village, under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of V.L. Nagar has changed

The guideline value for V.L. Nagar has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 190 per sq.ft. This rose significantly to Rs 20 per sq.ft in 2003, marking a decrease of 89%. Following this, the value surged to Rs 300 per sq.ft in 2007, a remarkable increase of 1,400%. In 2012, the value remained at Rs 500 per sq.ft, showing no figure for this street in the register. The 2017 revision saw a decrease to Rs 335 per sq.ft, a drop of 33%, before it increased to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024, reflecting a 10% rise.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2002 figure to the current 2024 value, there has been an increase of 189%.

Guideline values in Pothur

In Pothur, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 2,000 per sq.ft. The median value is Rs 550 per sq.ft, placing V.L. Nagar's current value at this median.

• Vivekananda Nagar: Rs 330 per sq.ft (2024)
• Vishal Nagar: Rs 440 per sq.ft (2024)
• Vinoth Mishra Nagar: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extn.: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extension III: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extension - II: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in V.L. Nagar

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers V.L. Nagar?

The Sub Registrar Office that covers V.L. Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Pothur. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the official valuation of the property.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property must be registered. This ensures transparency and adherence to legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value of V.L. Nagar?

The current guideline value of V.L. Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 190 per sq.ft in 2002 to Rs 550 per sq.ft in 2024, showing an overall increase of 189% over the years.

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

Other streets in Pothur include Vivekananda Nagar at Rs 330 per sq.ft, Vishal Nagar at Rs 440 per sq.ft, and several streets at Rs 550 per sq.ft, including Vinoth Mishra Nagar and Vijayalakshmi Nagar Extn.

What are the stamp duty and registration fees for property in V.L. Nagar?

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500, and the registration fee would be Rs 11,000, totaling Rs 49,500.

Which office handles the registration for V.L. Nagar?

The Redhills Sub Registrar Office handles registrations for V.L. Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.