Guideline Value for V.S. Mani Ring Road Co-operative Housing Sector

V.S. Mani Ring Road Co-operative Housing Sector guideline value

The current guideline value for V.S. Mani Ring Road Co-operative Housing Sector is Rs 2,200 per sq.ft, effective from 1 July 2024. This property is located in Puzhal village under the Redhills SRO, and it falls under the Mixed Type - I land classification.

How the guideline value of V.S. Mani Ring Road Co-operative Housing Sector has changed

The guideline value for V.S. Mani Ring Road Co-operative Housing Sector has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 1,784 per sq.ft. It then decreased to Rs 181 per sq.ft in 2003, followed by significant increases to Rs 600 per sq.ft in 2007 and Rs 2,000 per sq.ft in 2012. However, it dropped again to Rs 1,340 per sq.ft in 2017, before rising to Rs 2,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

In summary, the changes between the revisions reflect a varied landscape of values. The guideline value increased by 49% from 2017 to 2023, while it saw a notable drop of 33% from 2012 to 2017. The increase from 2007 to 2012 was substantial at 233%, and from 2003 to 2007, it rose by 231%. Overall, from 2002 to 2024, the guideline value has increased by 23%.

Guideline values in Puzhal

In Puzhal, there are 270 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value in this area is Rs 1,102 per sq.ft, making the guideline value for V.S. Mani Ring Road Co-operative Housing Sector above the median.

• V.S. Mani Nagar: Rs 2,200 per sq.ft (2024)
• V.O.C. Street: Rs 1,100 per sq.ft (2024)
• Vishnu Nagar: Rs 1,100 per sq.ft (2024)
• Vionayagar Koil Street: Rs 1,650 per sq.ft (2024)
• Vinayagar Koil Street: Rs 1,650 per sq.ft (2024)
• Vijiya Avenue: Rs 1,102 per sq.ft (2024)

Stamp duty and registration fee for property in V.S. Mani Ring Road Co-operative Housing Sector

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.S. Mani Ring Road Co-operative Housing Sector?

The V.S. Mani Ring Road Co-operative Housing Sector is covered by the Redhills Sub Registrar Office. The address is Sub Registrar Office, Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Puzhal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. This ensures that the value of the property is accurately reflected in official records.

When a property is sold, the guideline value is used to calculate the applicable fees, which are based on either the guideline value or the sale price, whichever is higher. This practice helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value for V.S. Mani Ring Road Co-operative Housing Sector?

The current guideline value for V.S. Mani Ring Road Co-operative Housing Sector is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 1,784 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024. Notable changes include a drop to Rs 181 per sq.ft in 2003 and significant increases in subsequent years.

What is the land classification for V.S. Mani Ring Road Co-operative Housing Sector?

The land classification for V.S. Mani Ring Road Co-operative Housing Sector is Mixed Type - I. This classification indicates the type of development and land use permitted in the area.

Where can I find the Redhills Sub Registrar Office?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. This office handles the registration of properties in the area.

How is the stamp duty calculated for property in Puzhal?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.