Guideline Value for VANASAKTHI NAGAR EXTENSION PART V

Vanasakthi Nagar Extension Part V guideline value

The current guideline value of Vanasakthi Nagar Extension Part V is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this street is Residential Special Type - III.

How the guideline value of Vanasakthi Nagar Extension Part V has changed

The guideline value for Vanasakthi Nagar Extension Part V has undergone several revisions over the years. The earliest recorded revision was in 2012, where the value was Rs 3,000 per sq.ft. In 2017, this value decreased to Rs 2,010 per sq.ft, marking a decline of 33%. However, in the 2024 revision, the guideline value increased significantly to Rs 3,300 per sq.ft, representing a 64% rise from the 2017 figure. There are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a modest increase of 10%. This fluctuation in values highlights the changes in the real estate landscape within the area.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. Vanasakthi Nagar Extension Part V's 2024 guideline value of Rs 3,300 per sq.ft is above this median.

• Vanasakthi Nagar Extension Part II: 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)
• Vanasakthi Nagar Extn Phase 1: Rs 3,300 per sq.ft (2024)
• Vanasakthi Nagar Extn Phase III: Rs 3,300 per sq.ft (2024)
• Vanasakthi Nagar Extn Phase IV: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vanasakthi Nagar Extension Part V

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these fees Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Vanasakthi Nagar Extension Part V?

The Sub Registrar Office that covers Vanasakthi Nagar Extension Part V is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transaction.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the actual sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vanasakthi Nagar Extension Part V?

The current guideline value of Vanasakthi Nagar Extension Part V is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, and then increased to Rs 3,300 per sq.ft in 2024. There are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street.

What is the land classification for Vanasakthi Nagar Extension Part V?

The land classification for Vanasakthi Nagar Extension Part V is Residential Special Type - III.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty is Rs 2,31,000 and the registration fee is Rs 66,000, totaling Rs 2,97,000. These fees are calculated based on the higher of the guideline value or the sale price.

Which office handles the registration for Vanasakthi Nagar Extension Part V?

The Villivakkam Sub Registrar Office handles the registration for Vanasakthi Nagar Extension Part V, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.