Guideline Value for V.M.T.NAGAR

V.M.T.Nagar guideline value

The current guideline value of V.M.T.Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO and is classified as Residential Class II Type - II.

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

The guideline value for V.M.T.Nagar has seen significant changes over the years. Starting from Rs 200 per sq.ft in 2002, it increased to Rs 375 per sq.ft in 2007, marking an increase of 88%. The value then surged to Rs 2,700 per sq.ft in 2012, a remarkable increase of 620%. However, it dropped to Rs 1,809 per sq.ft in 2017, reflecting a decrease of 33%. The most recent revision in 2024 set the guideline value at Rs 2,900 per sq.ft, which is a 60% increase from the 2017 figure.

It is important to note that there are no figures available for the years 2003 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1350%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value in the village is Rs 2,500 per sq.ft, placing V.M.T.Nagar's 2024 figure above this median.

• Vivekanantha Nagar Main Road: Rs 3,800 per sq.ft (2024)
• Vivekanantha Nagar (Madhanakuppam): Rs 2,100 per sq.ft (2024)
• Vivekanantha Nagar Extension: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar Annex II: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar 1st Street: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total to Rs 2,61,000. 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 more details.

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

The Sub Registrar Office that covers V.M.T.Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering properties in Korattur. It serves as a basis for calculating the stamp duty and registration fees applicable during the transaction. Buyers and sellers must refer to the guideline value to ensure compliance with the regulations set by the Registration Department.

When a property is sold or purchased, the registration process requires that the higher of the guideline value or the sale price is considered for calculating the applicable duties. This ensures that the government receives the correct revenue based on the property's valuation.

Frequently asked questions

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

The current guideline value of V.M.T.Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 200 per sq.ft in 2002 to Rs 2,900 per sq.ft in 2024, representing an overall increase of 1350%.

What is the land classification of V.M.T.Nagar?

V.M.T.Nagar is classified as Residential Class II Type - II, indicating its suitability for residential development.

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

The Sub Registrar Office for V.M.T.Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000 at a rate of 7%.