Guideline Value for VAGAI NAGAR

Vagai Nagar guideline value

The current guideline value of Vagai Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO and is classified as Residential Class I Type - III.

How the guideline value of Vagai Nagar has changed

The guideline value for Vagai Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 101 per sq.ft, which increased to Rs 375 per sq.ft in 2007, marking a change of +271%. By 2012, the value rose dramatically to Rs 2,500 per sq.ft, reflecting an increase of +567%. The most recent revision in 2024 has set the guideline value at Rs 2,700 per sq.ft, which is an increase of +8% from the 2012 figure.

It is important to note that there are no figures available for the years 2003, 2017, and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by a remarkable +2573%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a guideline value for 2024, ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. Vagai Nagar's 2024 guideline value of Rs 2,700 per sq.ft is above this median.

• Vallalar Nagar: Rs 1,100 per sq.ft (2024)
• Uma Nagar: Rs 2,500 per sq.ft (2024)
• Vanasakthi Nagar Extension Part II: Rs 3,300 per sq.ft (2024)
• Vanasakthi Nagar Extension Part V: Rs 3,300 per sq.ft (2024)
• Vanasakthi Nagar Extension Part VI: Rs 3,300 per sq.ft (2024)
• Vanasakthi Nagar Extn / Annex: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vagai Nagar

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 important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vagai Nagar?

The Sub Registrar Office that covers Vagai Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transfer of property ownership.

When a buyer or seller engages in a transaction, the guideline value is referenced to ensure that the appropriate fees are calculated based on the current rates established by the Registration Department.

Frequently asked questions

What is the current guideline value of Vagai Nagar?

The current guideline value of Vagai Nagar 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 significantly from Rs 101 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, showing an overall increase of +2573% over the years.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 27,00,000, with 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 for Vagai Nagar?

The Villivakkam Sub Registrar Office handles property registrations for Vagai Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of Vagai Nagar?

Vagai Nagar is classified as Residential Class I Type - III, indicating its designated use for residential purposes.