Guideline Value for V.V. Nagar Extension

V.V. Nagar Extension guideline value

The current guideline value of V.V. Nagar Extension is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village and falls under the Sembiam SRO. The land classification for this street is Residential Class II Type - I.

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

Over the years, the guideline value of V.V. Nagar Extension has seen several revisions. In the 2007 revision, the guideline value was Rs 1,000 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, this figure decreased to Rs 1,675 per sq.ft in 2017 before rising to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 has set the guideline value at Rs 2,700 per sq.ft, marking an 8% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The 2012 to 2017 period saw a decrease of 33%, while from 2007 to 2012, the value increased by 150%. Overall, from 2007 to 2024, the guideline value has increased by 170%. The register has no figures for the years 2002 and 2003 for this street.

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 for these streets is Rs 3,300 per sq.ft, which means V.V. Nagar Extension's 2024 guideline value is below that median.

• V.V. Nagar 6th Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar 5th Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• V.V. Nagar 1st Street: Rs 2,700 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 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty, charged at 7%, would be Rs 1,89,000, while the registration fee at 2% would be Rs 54,000, making the total cost for these fees Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers V.V. Nagar Extension 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 an essential factor in the registration process when buying or selling property in Kolathur. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory for property transactions.

When a property is registered, the guideline value is compared to the sale price, and the duty is charged on the higher of the two. This ensures that the government receives appropriate revenue from property transactions based on the established guideline values.

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 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 the years.

What are the stamp duty and registration fees for property in V.V. Nagar Extension?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,00,000, resulting in a stamp duty of Rs 1,89,000 and a registration fee of Rs 54,000, totaling Rs 2,43,000.

Which office handles property registrations in V.V. Nagar Extension?

The Sembiam Sub Registrar Office handles property registrations for V.V. Nagar Extension, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification for V.V. Nagar Extension?

The land classification for V.V. Nagar Extension is Residential Class II Type - I.