Guideline Value for V.V. Nagar

V.V. Nagar guideline value

The current guideline value of V.V. Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

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

The guideline value for V.V. Nagar has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, which is an increase of 8% from the 2023 revision of Rs 1,200 per sq.ft. Prior to this, the value remained unchanged at Rs 1,200 per sq.ft from the 2012 revision until 2023. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. This consistent rise indicates a stable valuation for the area, with the current figure reflecting the latest adjustments in the guideline value register.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this village is Rs 1,600 per sq.ft, placing V.V. Nagar's 2024 figure below that median.

• V.V. Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• V.S. Mani Street (Ward-10): Rs 1,300 per sq.ft (2024)
• V.S. Mani Ring Road Housing Sector: Rs 2,200 per sq.ft (2024)
• V.S. Mani Nagar (Ward-11): Rs 2,200 per sq.ft (2024)
• V.S. Mani Nagar Annex: Rs 2,200 per sq.ft (2024)
• V.S. Mani Nagar: Rs 2,200 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 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, while the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. It is important to note that the 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?

The Sub Registrar Office that covers V.V. Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the agreed sale price, ensuring compliance with local regulations.

Frequently asked questions

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

The current guideline value of V.V. Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for V.V. Nagar has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, marking an increase of 8%. There were no changes recorded in the years 2002, 2003, 2007, and 2017.

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

V.V. Nagar is classified as Residential Class III Type - I, indicating its zoning for residential purposes within the area.

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

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for V.V. Nagar located?

The Sub Registrar Office for V.V. Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.