Guideline Value for V.P.J. NAGAR

V.P.J. Nagar guideline value

The current guideline value of V.P.J. Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village, under the Chennai South Joint I SRO, and is classified as Residential Class IV Type - II.

How the guideline value of V.P.J. Nagar has changed

The guideline value for V.P.J. Nagar has undergone several revisions over the years. In 2002, the value was Rs 102 per sq.ft, which increased to Rs 120 per sq.ft in 2003, marking an 18% rise. The value continued to rise significantly, reaching Rs 500 per sq.ft in 2007, an increase of 317%. By 2012, the value had jumped to Rs 1,200 per sq.ft, reflecting a 140% increase from the previous revision. However, in 2017, the value decreased to Rs 804 per sq.ft, a drop of 33% from 2012. The most recent revision in 2024 saw the guideline value rise to Rs 1,320 per sq.ft, which is a substantial increase of 64% from 2017.

It is important to note that there is no figure for this street in the 2023 revision. Overall, from 2002 to 2024, the guideline value has increased by an impressive 1194%.

Guideline values in Pallikaranai

Pallikaranai village has 749 streets under the Chennai South Joint I SRO with a 2024 guideline value range from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing V.P.J. Nagar's 2024 figure below this median.

• Vpg Avenue / Extn 2nd Street: Rs 1,110 per sq.ft (2024)
• Vyasar Cross Street: Rs 1,110 per sq.ft (2024)
• V.O.C. Nagar / Street: Rs 1,650 per sq.ft (2024)
• Weaker Section Nagar: Rs 1,320 per sq.ft (2024)
• West Anna Nagar 12th Street: Rs 1,320 per sq.ft (2024)
• West Anna Nagar 2nd Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in V.P.J. Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total cost for these fees to Rs 1,18,800. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V.P.J. Nagar?

The Sub Registrar Office that covers V.P.J. Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must consider this value, as it influences the overall transaction costs, including stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of V.P.J. Nagar?

The current guideline value of V.P.J. Nagar is Rs 1,320 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 102 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1194% over the years.

What is the land classification of V.P.J. Nagar?

V.P.J. Nagar is classified as Residential Class IV Type - II, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for V.P.J. Nagar?

The Sub Registrar Office for V.P.J. Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How are stamp duty and registration fees calculated in V.P.J. Nagar?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is charged at 2%. These fees are based on the higher of the guideline value or the sale price of the property.