Guideline Value for V.P.G AVENUE 1 ST STREET

V.P.G Avenue 1 St Street guideline value

The current guideline value for V.P.G Avenue 1 St Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village under the Neelankarai SRO, classified as Residential Class I Type - II.

How the guideline value of V.P.G Avenue 1 St Street has changed

The guideline value for V.P.G Avenue 1 St Street has undergone several revisions over the years. In 2012, the guideline value was Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,500 per sq.ft in 2023, and then rose again to Rs 3,900 per sq.ft in the 2024 revision, marking an increase of 11% from the previous year.

From 2017 to 2023, there was a notable increase of 49%, while the overall change from 2012 to 2024 shows an increase of 11%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing V.P.G Avenue 1 St Street's 2024 figure above this median.

• V.P.G Avenue 2 Nd Street: Rs 3,900 per sq.ft (2024)
• V.P.G Avenue 3 Rd Street: Rs 3,900 per sq.ft (2024)
• V.P.G.Avenue 4th Street: Rs 3,900 per sq.ft (2024)
• V.P.G.Avenue 5th Street: Rs 3,900 per sq.ft (2024)
• V.P.G.Avenue 6th Street: Rs 3,900 per sq.ft (2024)
• V.P.G Avenue Extension: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in V.P.G Avenue 1 St Street

For a 1,000 sq.ft plot at the current rate of Rs 3,900 per sq.ft, the guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total to Rs 3,51,000. 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 further calculations.

Which Sub Registrar Office covers V.P.G Avenue 1 St Street?

The V.P.G Avenue 1 St Street falls under the Neelankarai Sub Registrar Office located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of V.P.G Avenue 1 St Street?

The current guideline value of V.P.G Avenue 1 St Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,900 per sq.ft in 2024.

What is the median guideline value in Okkiyamthuraipakkam?

The median guideline value for the 453 streets in Okkiyamthuraipakkam is Rs 3,300 per sq.ft, which is below the current value of V.P.G Avenue 1 St Street.

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

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 3,51,000.

Which office handles the registration for V.P.G Avenue 1 St Street?

The Neelankarai Sub Registrar Office handles the registration for V.P.G Avenue 1 St Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.