Guideline Value for V.V. Nagar

V.V. Nagar guideline value

The current guideline value of V.V. Nagar, located in Konnur village under the Konnur SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This area falls under Residential Class I Type - I land classification.

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

The guideline value for V.V. Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 328 per sq.ft. This increased to Rs 356 per sq.ft in 2003, marking a 9% change. The next significant jump occurred in 2007, where the value rose to Rs 1,000 per sq.ft, representing an increase of 181%. In 2012, the value was Rs 5,000 per sq.ft, which was a 400% increase from the previous revision. However, in 2017, the value decreased to Rs 3,350 per sq.ft, reflecting a decline of 33%. The 2023 revision set the value at Rs 5,000 per sq.ft, and the most recent 2024 revision has increased it to Rs 5,500 per sq.ft, a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 1577%. There are no figures available for the years between the revisions listed above for this street.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median value is Rs 3,800 per sq.ft, placing V.V. Nagar's 2024 figure above this median.

• V.V. Nagar Extension: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers V.V. Nagar?

The Sub Registrar Office that covers V.V. Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, 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 critical factor in property transactions in Konnur, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

During the registration process, the buyer and seller must ensure that the sale price is at least equal to the guideline value. If the sale price is lower than the guideline value, the stamp duty will be charged based on the guideline value instead.

Frequently asked questions

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

The current guideline value of V.V. Nagar 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 from Rs 328 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1577% over this period.

What are the stamp duty rates applicable in V.V. Nagar?

The stamp duty in V.V. Nagar is set at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for V.V. Nagar?

The Konnur Sub Registrar Office covers V.V. Nagar and is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What is the median guideline value for streets in Konnur?

The median guideline value for streets in Konnur is Rs 3,800 per sq.ft, with V.V. Nagar's 2024 figure being above this median at Rs 5,500 per sq.ft.