Guideline Value for V.M. GARDEN

V.M. Garden guideline value

The current guideline value of V.M. Garden, located in Varadarajapuram village under the Padappai SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of V.M. Garden has changed

The guideline value of V.M. Garden has undergone several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 1,650 per sq.ft, an increase of 10% from the 2023 figure of Rs 1,500 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 1,005 per sq.ft, marking a significant increase of 49% to the 2023 value. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from 2017 to 2024, the guideline value has increased by 64%. This reflects the changes in property valuation in the area, with the current value aligning with the median of Rs 1,650 per sq.ft for the 250 streets in Varadarajapuram under the Padappai SRO.

Guideline values in Varadarajapuram

In Varadarajapuram, the guideline values for 2024 range from Rs 880 to Rs 4,100 per sq.ft, with the median being Rs 1,650 per sq.ft. V.M. Garden's guideline value matches this median. Below are the guideline values for other streets in Varadarajapuram:

• V.M.Garden Phase -II: Rs 1,330 per sq.ft (2024)
• V.M. Garden - S.No.505: Rs 990 per sq.ft (2024)
• Vishwak Gold City: Rs 1,650 per sq.ft (2024)
• Walajabad Main Road: Rs 3,300 per sq.ft (2024)
• Wax Pattanam: Rs 1,100 per sq.ft (2024)
• Vimal Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in V.M. Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, leading to a total of Rs 1,48,500. 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 information.

Which Sub Registrar Office covers V.M. Garden?

The Sub Registrar Office that covers V.M. Garden is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Varadarajapuram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction.

When a property is registered, the guideline value is used to calculate the applicable duties, ensuring that both the buyer and seller are aware of the financial obligations involved in the transaction. This helps maintain transparency and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of V.M. Garden?

The current guideline value of V.M. Garden is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 64% over this period.

What is the land classification of V.M. Garden?

V.M. Garden is classified as Residential Special Type - II, indicating its intended use for residential purposes.

Where is the Sub Registrar Office for V.M. Garden located?

The Sub Registrar Office for V.M. Garden is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How are stamp duty and registration fees calculated in V.M. Garden?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value. For example, a 1,000 sq.ft plot at Rs 1,650 per sq.ft incurs a total cost of Rs 1,48,500 in duties and fees.