Guideline Value for V.P.C.NAGAR 2nd STREET

V.P.C.NAGAR 2nd STREET guideline value

The current guideline value of V.P.C.NAGAR 2nd STREET is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam Sub Registrar Office, and is classified as Residential Class III Type - III.

How the guideline value of V.P.C.NAGAR 2nd STREET has changed

The guideline value for V.P.C.NAGAR 2nd STREET has seen several revisions over the years. In 2007, the guideline value was Rs 250 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 500% rise. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, reflecting a decline of 33%. The most recent revision in 2024 set the value at Rs 1,600 per sq.ft, indicating a 59% increase from the 2017 figure.

It is important to note that there are no figures available for the years 2002, 2003, and 2023 for this street. Overall, from 2007 to 2024, the guideline value has increased by 540%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing V.P.C.NAGAR 2nd STREET's 2024 figure below this median.

• V.P.C.NAGAR 1st 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 2nd STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total 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, bringing the total fees to 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 further calculations.

Which Sub Registrar Office covers V.P.C.NAGAR 2nd STREET?

The Sub Registrar Office that covers V.P.C.NAGAR 2nd STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By 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 plays a crucial role in property transactions in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price, as the registration fees and stamp duty are calculated based on the guideline value or the sale price, whichever is higher.

During the registration process, the guideline value ensures that the property is assessed fairly, and it helps in maintaining transparency in real estate transactions. Understanding the guideline value is essential for both buyers and sellers to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of V.P.C.NAGAR 2nd STREET?

The current guideline value of V.P.C.NAGAR 2nd 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 significantly from Rs 250 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 540% over the years.

What are the other streets in Korattur with their guideline values?

Other streets in Korattur have varying guideline values, with V.P.C.NAGAR 1st STREET also at Rs 1,600 per sq.ft, while Water Canal Road is at Rs 3,300 per sq.ft, among others.

What fees are associated with property transactions in V.P.C.NAGAR 2nd STREET?

For a property in V.P.C.NAGAR 2nd STREET, the stamp duty is 7% and the registration fee is 2%, calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for V.P.C.NAGAR 2nd STREET?

The Sub Registrar Office for V.P.C.NAGAR 2nd STREET is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, under the Villivakkam SRO.