Guideline Value for V.V. Nagar Extension

V.V. Nagar Extension guideline value

The current guideline value for V.V. Nagar Extension in Konnur village is Rs 5,500 per sq.ft, effective from 1 July 2024. This area falls under the Konnur SRO and is classified as Residential Class I Type - I.

How the guideline value of V.V. Nagar Extension has changed

The guideline value for V.V. Nagar Extension has undergone several revisions over the years. In 2002, the guideline value was Rs 328 per sq.ft, which increased to Rs 356 per sq.ft in 2003. The value saw a significant rise to Rs 700 per sq.ft in 2007, followed by a further increase to Rs 5,000 per sq.ft in 2012. However, it decreased to Rs 3,350 per sq.ft in 2017, before climbing to Rs 5,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft.

Between these revisions, notable changes include a 10% increase from 2023 to 2024, a 49% rise from 2017 to 2023, a 33% decrease from 2012 to 2017, a remarkable 614% increase from 2007 to 2012, a 97% rise from 2003 to 2007, and a 9% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1577%.

Guideline values in Konnur

Konnur village has 249 streets under the Konnur SRO, with guideline values ranging from Rs 2,750 to Rs 7,100 per sq.ft in 2024. The median value for these streets is Rs 3,800 per sq.ft, placing V.V. Nagar Extension's 2024 figure above this median.

• V.V. Nagar: Rs 5,500 per sq.ft (2024)
• Vettri Selvi Anbazhagan Nagar: Rs 5,500 per sq.ft (2024)
• Vetriselvi Shri Ranga Street: Rs 5,500 per sq.ft (2024)
• Venture Garden: Rs 3,500 per sq.ft (2024)
• Velumani Street: Rs 3,800 per sq.ft (2024)
• Vellerithangal Lane: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in V.V. Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers V.V. Nagar Extension?

The Sub Registrar Office that covers V.V. Nagar Extension is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Konnur. It serves as a baseline for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation of the property.

When buying or selling property, it is essential to be aware of the guideline value to avoid any discrepancies during registration. The guideline value helps in determining the financial obligations involved in the transaction, making it an important aspect for both buyers and sellers.

Frequently asked questions

What is the current guideline value of V.V. Nagar Extension?

The current guideline value of V.V. Nagar Extension is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 328 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 1577%.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles the registration for V.V. Nagar Extension?

The Konnur Sub Registrar Office handles the registration for V.V. Nagar Extension, located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the guideline value determined for properties in Konnur?

The guideline value for properties in Konnur is determined based on historical revisions and is updated periodically by the Registration Department to reflect current market conditions.