Guideline Value for V.M. NAGAR

V.M. Nagar guideline value

The current guideline value of V.M. Nagar is Rs 100 per sq.ft, effective from 1 July 2024. This area is located in Siruvanoor village, under the Tiruvallur Joint 1 SRO, and is classified as Residential Class III Type - III.

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

The guideline value for V.M. Nagar has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 100 per sq.ft, which is the same as the 2023 revision. Prior to that, in 2017, the guideline value was Rs 67 per sq.ft, marking a significant increase of 49% from 2017 to 2023, and an overall increase of 49% from 2017 to 2024.

There are no figures available for the revisions in 2012, 2007, 2003, and 2002 for this street. Thus, the only relevant revisions are from 2017, 2023, and 2024.

Guideline values in Siruvanoor

In Siruvanoor, there are 18 streets under the Tiruvallur Joint 1 SRO with guideline values ranging from Rs 100 to Rs 900 per sq.ft. The median guideline value in this area is Rs 250 per sq.ft, indicating that V.M. Nagar's 2024 figure is below this median.

• Sri Venkateswara Nagar: Rs 200 per sq.ft (2024)
• Sri Varsha Garden: Rs 400 per sq.ft (2024)
• Sri Selva Ganapathi Nagar: Rs 300 per sq.ft (2024)
• Sri Krishna Nagar & Pahse-I: Rs 300 per sq.ft (2024)
• S.P. Garden: Rs 100 per sq.ft (2024)
• S.J.N. Nagar: Rs 100 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value is Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, making the total cost Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more specific calculations.

Which Sub Registrar Office covers V.M. Nagar?

V.M. Nagar falls under 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 more information.

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

The guideline value plays a crucial role in property transactions in Siruvanoor. It is used to determine the stamp duty and registration fees that are payable when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When a property is registered, the guideline value is typically used as a benchmark for calculating taxes and fees. It is essential for both parties to agree on the sale price, as the higher of the sale price or the guideline value will be used for calculating the applicable duties.

Frequently asked questions

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

The current guideline value of V.M. Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen a significant increase from Rs 67 per sq.ft in 2017 to Rs 100 per sq.ft in both 2023 and 2024, marking a 49% increase overall.

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

V.M. Nagar is classified as Residential Class III Type - III, which indicates its suitability for residential development.

What are the stamp duty and registration fees for properties in V.M. Nagar?

For a property valued at Rs 1,00,000, the stamp duty would be Rs 7,000 and the registration fee would be Rs 2,000, totaling Rs 9,000.

Which office do I need to visit for registration in V.M. Nagar?

The registration for properties in V.M. Nagar is handled by the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001.