Guideline Value for V.M. Nagar

V.M. Nagar guideline value

The current guideline value of V.M. Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Thiruvallur village under the Tiruvallur Joint 1 SRO, classified as Residential Class I Type - I.

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

The guideline value for V.M. Nagar has seen several revisions over the years. In 2007, the value was Rs 320 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017 before rising again to Rs 1,500 per sq.ft in 2023. The most recent revision in 2024 has set the guideline value at Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 416%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Thiruvallur

In Thiruvallur, there are 172 streets under the Tiruvallur Joint 1 SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 3,850 per sq.ft. The median guideline value in this area is Rs 1,100 per sq.ft, making V.M. Nagar's 2024 figure of Rs 1,650 per sq.ft above that median.

• V.O.C Street: Rs 1,100 per sq.ft (2024)
• Vivekanadha Street: Rs 1,320 per sq.ft (2024)
• Vivekanadha lind Street: Rs 1,320 per sq.ft (2024)
• Vivekanadha lIIrd Street: Rs 1,320 per sq.ft (2024)
• Vivekanadha Ist Street: Rs 1,320 per sq.ft (2024)
• Vinayagar Street: Rs 1,100 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 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, bringing the total to Rs 1,48,500. 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 more details.

Which Sub Registrar Office covers V.M. Nagar?

The Sub Registrar Office that covers V.M. Nagar 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 more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Thiruvallur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of V.M. Nagar 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 320 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, with several revisions in between, including a drop and subsequent increases.

What are the other streets with guideline values in Thiruvallur?

Other streets in Thiruvallur include V.O.C Street at Rs 1,100 per sq.ft, Vivekanadha Street at Rs 1,320 per sq.ft, and Vinayagar Street at Rs 1,100 per sq.ft, among others.

How is stamp duty calculated in V.M. Nagar?

Stamp duty in V.M. Nagar is calculated based on the higher of the guideline value or the sale price. For example, for a plot of 1,000 sq.ft at the current guideline value, the total stamp duty would be Rs 1,15,500.

Which office handles property registration in V.M. Nagar?

The Tiruvallur Joint 1 Sub Registrar Office handles property registration in V.M. Nagar, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001.