Guideline Value for V.P.G AVENUE 2 ND STREET

V.P.G Avenue 2 Nd Street guideline value

The current guideline value of V.P.G Avenue 2 Nd Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class I Type - II.

How the guideline value of V.P.G Avenue 2 Nd Street has changed

The guideline value for V.P.G Avenue 2 Nd Street has undergone several revisions over the years. In the 2012 revision, the value was Rs 3,500 per sq.ft. This decreased to Rs 2,345 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 3,900 per sq.ft, which is an increase of 11% from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 11%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this village is Rs 3,300 per sq.ft, placing V.P.G Avenue 2 Nd Street's 2024 value above the median.

• V.P.G Avenue 1 St 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 2 Nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000. Therefore, the total cost for stamp duty and registration would be 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.P.G Avenue 2 Nd Street?

The Sub Registrar Office that covers V.P.G Avenue 2 Nd Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the property registration process in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state collects appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential for buyers to be aware of this value, as it impacts their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of V.P.G Avenue 2 Nd Street?

The current guideline value of V.P.G Avenue 2 Nd 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 are the stamp duty and registration fees for properties in this area?

For a property valued at 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, totaling Rs 3,51,000.

Which office handles the registration for V.P.G Avenue 2 Nd Street?

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

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

The guideline value is significant as it determines the minimum value for property registration, affecting the stamp duty and registration fees payable. It serves as an official valuation that both buyers and sellers should consider during transactions.