Guideline Value for V.V. Nagar 3rd Street

V.V. Nagar 3rd Street guideline value

The current guideline value of V.V. Nagar 3rd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village under the Sembiam SRO, classified as Residential Class II Type - I.

How the guideline value of V.V. Nagar 3rd Street has changed

The guideline value for V.V. Nagar 3rd Street has undergone several revisions over the years. The earliest recorded revision is from 2007, where the guideline value was Rs 1,000 per sq.ft. This figure increased significantly to Rs 2,500 per sq.ft in 2012, marking a 150% rise. However, the value then decreased to Rs 1,675 per sq.ft in 2017, which was a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, reflecting an increase of 61% from the 2017 figure.

It is important to note that there are no recorded figures for the years 2023, 2003, and 2002 for V.V. Nagar 3rd 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 have a guideline value for 2024, ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, positioning V.V. Nagar 3rd Street's 2024 figure below that median.

• V.V. Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar 1st 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 3rd 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 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers V.V. Nagar 3rd Street?

The Sub Registrar Office that covers V.V. Nagar 3rd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of V.V. Nagar 3rd Street?

The current guideline value of V.V. Nagar 3rd 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 changed from Rs 1,000 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 170% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which Sub Registrar Office is responsible for V.V. Nagar 3rd Street?

The Sembiam Sub Registrar Office is responsible for V.V. Nagar 3rd Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification of V.V. Nagar 3rd Street?

V.V. Nagar 3rd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.