Guideline Value for V.M. Garden

V.M. Garden guideline value

The current guideline value of V.M. Garden, located in Melamaiyur village under the Chengleput Joint I SRO, is Rs 1,320 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Mixed Special Type - III.

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

The guideline value for V.M. Garden has seen several revisions over the years. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 1,200 per sq.ft, and in the latest 2024 revision, it increased to Rs 1,320 per sq.ft, marking a change of 10% from the previous year.

This increase reflects the ongoing adjustments in property values within the region. The 2024 figure of Rs 1,320 per sq.ft is above the median guideline value of Rs 1,212 per sq.ft for the 37 streets in Melamaiyur under the Chengleput Joint I SRO.

Guideline values in Melamaiyur

In Melamaiyur, the guideline values for various streets range from Rs 440 to Rs 3,000 per sq.ft, with a median value of Rs 1,212 per sq.ft. The guideline value for V.M. Garden is positioned above this median, indicating its relative value within the village.

• Vasantham Nagar Extension I,II,III,IV,V,IV: Rs 1,212 per sq.ft (2024)
• Thirukazhukundram Road: Rs 1,650 per sq.ft (2024)
• Sri Ram Nagar: Rs 825 per sq.ft (2024)
• Srinivasan Avenue: Rs 1,650 per sq.ft (2024)
• Sri Guru Nagar: Rs 1,212 per sq.ft (2024)
• Sri Ganapathi Avenue: Rs 1,100 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 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400. Together, the total cost for these fees would be Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.M. Garden?

The Sub Registrar Office that covers V.M. Garden is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, within the Chengalpattu registration zone.

You can find your SRO for additional assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Melamaiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the necessary fees, which are essential for completing the legal transfer of ownership. This ensures that all parties involved are aware of the financial obligations tied to the property transaction.

Frequently asked questions

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

The current guideline value of V.M. Garden is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for V.M. Garden has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,320 per sq.ft in 2024, reflecting a 10% increase.

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

The land classification for V.M. Garden is Mixed Special Type - III.

Where can I find the Sub Registrar Office for V.M. Garden?

The Sub Registrar Office covering V.M. Garden is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is the stamp duty calculated for property in V.M. Garden?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,20,000, the stamp duty at 7% would be Rs 92,400.