Guideline Value for V.P.C.NAGAR 1st STREET

V.P.C.NAGAR 1st STREET guideline value

The current guideline value of V.P.C.NAGAR 1st STREET is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Korattur village and falls under the Villivakkam SRO. The land classification for this area is Residential Class III Type - III.

How the guideline value of V.P.C.NAGAR 1st STREET has changed

The guideline value for V.P.C.NAGAR 1st STREET has seen several revisions over the years. In 2007, the value was Rs 250 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 500% increase. However, this value decreased to Rs 1,005 per sq.ft in 2017, representing a 33% decline.

As of the 2024 revision, the guideline value stands at Rs 1,600 per sq.ft, reflecting a 59% increase from the 2017 figure. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 540%.

Guideline values in Korattur

In Korattur, the guideline values vary significantly across the 617 streets registered under the Villivakkam SRO, with the 2024 figures ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value is Rs 2,500 per sq.ft, indicating that the guideline value for V.P.C.NAGAR 1st STREET is below this median.

• V.P.C.NAGAR 2nd STREET: Rs 1,600 per sq.ft (2024)
• Water Canal Road: Rs 3,300 per sq.ft (2024)
• V.M.T.Nagar: Rs 2,900 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in V.P.C.NAGAR 1st STREET

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. 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 precise calculations.

Which Sub Registrar Office covers V.P.C.NAGAR 1st STREET?

The Sub Registrar Office that covers V.P.C.NAGAR 1st STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near 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 during the registration of property transactions in Korattur. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of V.P.C.NAGAR 1st STREET?

The current guideline value of V.P.C.NAGAR 1st STREET is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, marking an overall increase of 540% over the years.

What are the stamp duty and registration fees for properties in this area?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,44,000, which includes Rs 1,12,000 for stamp duty and Rs 32,000 for registration fees.

Which office handles property registrations in Korattur?

The Villivakkam Sub Registrar Office handles property registrations in Korattur, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the significance of the guideline value for property transactions?

The guideline value is used to determine the minimum price for property registration and ensures that the appropriate stamp duty and registration fees are collected by the government during property transactions.