Guideline Value for V.M.K. Nagar

V.M.K. Nagar guideline value

The current guideline value of V.M.K. Nagar, located in Perungavur village under the Redhills SRO, is Rs 220 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

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

The guideline value for V.M.K. Nagar has seen several revisions over the years. In the 2007 revision, the value was Rs 100 per sq.ft, which increased to Rs 200 per sq.ft in 2012. However, it dropped to Rs 134 per sq.ft in 2017. The most recent revisions show a significant increase, with the value rising to Rs 200 per sq.ft in 2023 and then to Rs 220 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 120%. The register has no figures for the revisions in 2002 and 2003 for this street.

Guideline values in Perungavur

In Perungavur, there are 79 streets under the Redhills SRO, with the 2024 guideline values ranging from Rs 220 to Rs 1,500 per sq.ft. The median value for these streets is Rs 275 per sq.ft, indicating that V.M.K. Nagar's 2024 figure is below the median.

• Vigneshwar Nagar: Rs 220 per sq.ft (2024)
• Velavan Nagar: Rs 385 per sq.ft (2024)
• Velan Nagar Annex I: Rs 220 per sq.ft (2024)
• Velan Nagar Annex: Rs 220 per sq.ft (2024)
• Velan Nagar: Rs 220 per sq.ft (2024)
• Vekkali Amman Nagar: Rs 220 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 220 per sq.ft, the guideline value amounts to Rs 2,20,000. The stamp duty at 7% would be Rs 15,400, while the registration fee at 2% would be Rs 4,400, resulting in a total of Rs 19,800. 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 more details.

Which Sub Registrar Office covers V.M.K. Nagar?

The Sub Registrar Office that covers V.M.K. 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 further assistance.

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

The guideline value is a critical factor in the registration process of property transactions in Perungavur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of V.M.K. Nagar is Rs 220 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 100 per sq.ft in 2007 to Rs 220 per sq.ft in 2024, marking an overall increase of 120% over the years.

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

The land classification for V.M.K. Nagar is Residential Class III Type - I.

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

The Redhills Sub Registrar Office covers V.M.K. Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in V.M.K. Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 2,20,000, the stamp duty at 7% would be Rs 15,400.