Guideline Value for V.P.Line

V.P.Line guideline value

The current guideline value of V.P.Line in Parangimalai village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class III Type - I.

How the guideline value of V.P.Line has changed

The guideline value for V.P.Line has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft. The most recent revision in 2024 has raised the value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

Additionally, the overall change from the 2012 revision to the 2024 revision shows a modest increase of 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,850 per sq.ft, indicating that V.P.Line's 2024 figure is below this median.

• Well Sowrith Street: Rs 2,750 per sq.ft (2024)
• West Raja Street: Rs 3,300 per sq.ft (2024)
• Vishwanathar Koil Street: Rs 3,300 per sq.ft (2024)
• Vishwanathapuram Street: Rs 3,850 per sq.ft (2024)
• 100 Feet Road: Rs 11,000 per sq.ft (2024)
• V.G.P.Murthy Square: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in V.P.Line

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, leading to a total cost of Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.P.Line?

The Sub Registrar Office that covers V.P.Line is the Chennai South Joint II 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 Parangimalai

The guideline value plays a crucial role in the registration process of property transactions in Parangimalai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the registration fee and stamp duty are calculated accurately based on this value.

When buying or selling property in Parangimalai, it is essential to be aware of the guideline value as it influences the overall costs involved in the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during the registration process.

Frequently asked questions

What is the current guideline value of V.P.Line?

The current guideline value of V.P.Line is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

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

Other streets in Parangimalai include Well Sowrith Street at Rs 2,750 per sq.ft, West Raja Street at Rs 3,300 per sq.ft, Vishwanathar Koil Street at Rs 3,300 per sq.ft, Vishwanathapuram Street at Rs 3,850 per sq.ft, 100 Feet Road at Rs 11,000 per sq.ft, and V.G.P.Murthy Square at Rs 11,000 per sq.ft.

What is the stamp duty rate for properties in V.P.Line?

The stamp duty rate for properties in V.P.Line is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office covers the registration for V.P.Line?

The registration for V.P.Line is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.