Guideline Value for V.M.Nagar

V.M.Nagar guideline value

The current guideline value of V.M.Nagar, located in Manimangalam A village under the Padappai SRO, is Rs 770 per sq.ft, effective from 1 July 2024. This area falls under Residential Class II Type - I land classification.

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 guideline value at Rs 770 per sq.ft, an increase from Rs 700 per sq.ft in 2023, marking a change of +10%. Prior to that, in 2017, the value was Rs 469 per sq.ft, indicating a significant increase of +49% from 2017 to 2023. The overall change from 2017 to 2024 is +64%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Manimangalam A

In Manimangalam A, a total of 112 streets under the Padappai SRO have a 2024 guideline value ranging from Rs 550 to Rs 2,500 per sq.ft, with a median value of Rs 880 per sq.ft. The guideline value for V.M.Nagar is below this median.

• Vinayaga Nagar Extn 1 to 5: Rs 880 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 770 per sq.ft (2024)
• Vignesh Avenue: Rs 770 per sq.ft (2024)
• Velankanni Nagar: Rs 770 per sq.ft (2024)
• Vaigundha Perumal Koil Street: Rs 880 per sq.ft (2024)
• Udhayam Nagar Extn: Rs 880 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 770 per sq.ft, the total guideline value amounts to Rs 7,70,000. The stamp duty is calculated at 7%, resulting in Rs 53,900, while the registration fee at 2% amounts to Rs 15,400. Together, the total cost for these fees is Rs 69,300. 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 precise calculations.

Which Sub Registrar Office covers V.M.Nagar?

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

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

The guideline value plays a crucial role during the registration process of property transactions in Manimangalam A. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both buyers and sellers are aware of their financial obligations. This process helps maintain transparency and consistency in 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 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 469 per sq.ft in 2017 to Rs 770 per sq.ft in 2024, reflecting a total increase of +64% over the years.

What is the registration office for V.M.Nagar?

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

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

Stamp duty for property in V.M.Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

What are the guideline values of other streets in Manimangalam A?

Other streets in Manimangalam A have varying guideline values, with rates ranging from Rs 550 to Rs 2,500 per sq.ft. For example, Vinayaga Nagar Extn 1 to 5 has a guideline value of Rs 880 per sq.ft, while Vijayalakshmi Nagar, Vignesh Avenue, and Velankanni Nagar each have a value of Rs 770 per sq.ft.