Guideline Value for V.V. Nagar 2nd Street

V.V. Nagar 2nd Street guideline value

The current guideline value of V.V. Nagar 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village, under the Sembiam SRO, and is classified as Residential Class II Type - I.

How the guideline value of V.V. Nagar 2nd Street has changed

The guideline value for V.V. Nagar 2nd Street has undergone several revisions over the years. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a 150% rise. However, this value decreased to Rs 1,675 per sq.ft in the 2017 revision, a decline of 33%. The most recent revision in 2024 has raised the guideline value to Rs 2,700 per sq.ft, reflecting an increase of 61% from 2017.

It is important to note that there are no figures available for the years 2023, 2003, and 2002 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 170%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value across these streets is Rs 3,300 per sq.ft, placing V.V. Nagar 2nd Street's 2024 figure below this median.

• V.V. Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar 5th Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar 6th Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar Extension: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in V.V. Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at a rate of 7% would be Rs 1,89,000, while the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers V.V. Nagar 2nd Street?

The Sub Registrar Office that covers V.V. Nagar 2nd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kolathur, as it determines the minimum value at which a property can be registered. When a buyer purchases a property, the registration process requires that the guideline value or the sale price, whichever is higher, is used to calculate the applicable stamp duty and registration fees.

Understanding the guideline value is essential for both buyers and sellers, as it ensures that the property is registered at a fair value, aligning with the government regulations. This process helps maintain transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of V.V. Nagar 2nd Street?

The current guideline value of V.V. Nagar 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, from Rs 1,000 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 170% since 2007.

What is the land classification of V.V. Nagar 2nd Street?

V.V. Nagar 2nd Street is classified as Residential Class II Type - I.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in V.V. Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For instance, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at a rate of 7%.