Guideline Value for V.S.P NAGAR

V.S.P Nagar guideline value

The current guideline value for V.S.P Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Nerkundram village under the Virugambakkam SRO, classified as Residential Class IV Type - I.

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

Over the years, the guideline value for V.S.P Nagar has seen significant changes. The earliest recorded figure in the register is from 2002, where it was Rs 61 per sq.ft. This increased to Rs 68 per sq.ft in 2003, followed by a substantial rise to Rs 300 per sq.ft in 2007. The value then jumped dramatically to Rs 2,000 per sq.ft in 2012, before falling to Rs 1,340 per sq.ft in 2017. The guideline value then rose to Rs 2,000 per sq.ft in 2023 and currently stands at Rs 2,200 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. From 2017 to 2023, there was a notable increase of 49%. The value decreased by 33% from 2012 to 2017, while it saw a remarkable increase of 567% from 2007 to 2012. Between 2003 and 2007, the increase was 341%, and from 2002 to 2003, it rose by 11%. Overall, from 2002 to 2024, the guideline value has increased by 3507%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value is Rs 2,200 per sq.ft, which is equal to the current guideline value for V.S.P Nagar.

• Vinayagapuram: Rs 2,200 per sq.ft (2024)
• Velan Nagar: Rs 2,750 per sq.ft (2024)
• Valliammai Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Valliammai Nagar Extension: Rs 2,750 per sq.ft (2024)
• Valliammai Nagar 9th Street: Rs 2,750 per sq.ft (2024)
• Valliammai Nagar 8th Street: Rs 2,750 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to 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 detailed calculations, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers V.S.P Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nerkundram. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the buyer and seller must declare the sale price, and the higher of this price or the guideline value is used to determine the applicable duties. This ensures that all property transactions are fairly assessed and registered according to the established values.

Frequently asked questions

What is the current guideline value for V.S.P Nagar?

The current guideline value for V.S.P Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 61 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, representing an overall increase of 3507%.

What is the stamp duty rate for property in V.S.P Nagar?

The stamp duty rate for property in V.S.P Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for V.S.P Nagar located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions, based on the higher of the guideline value or the sale price.