Guideline Value for VANASAKTHI NAGAR EXTN / ANNEX

Vanasakthi Nagar Extn / Annex guideline value

The current guideline value of Vanasakthi Nagar Extn / Annex 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, classified as Residential Special Type - III.

How the guideline value of Vanasakthi Nagar Extn / Annex has changed

The guideline value for Vanasakthi Nagar Extn / Annex has undergone several revisions over the years. The earliest recorded figure is from 2012, where it was Rs 3,000 per sq.ft. This figure then decreased to Rs 2,010 per sq.ft in 2017, marking a decline of 33%. However, the most recent revision in 2024 has seen the value rise back to Rs 3,300 per sq.ft, which represents an increase of 64% from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, there has been a slight increase of 10%. It is important to note that there are no recorded figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Korattur

In Korattur, a total of 617 streets under the Villivakkam SRO have 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. The guideline value for Vanasakthi Nagar Extn / Annex is above this median.

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

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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, totaling Rs 2,97,000. 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 Vanasakthi Nagar Extn / Annex?

The Vanasakthi Nagar Extn / Annex area is covered by 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 information.

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 stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration process is standardized and transparent.

Frequently asked questions

What is the current guideline value of Vanasakthi Nagar Extn / Annex?

The current guideline value of Vanasakthi Nagar Extn / Annex 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.

What is the land classification for Vanasakthi Nagar Extn / Annex?

Vanasakthi Nagar Extn / Annex is classified as Residential Special Type - III.

What is the role of the Villivakkam SRO?

The Villivakkam SRO is responsible for the registration of properties in the Korattur area, including Vanasakthi Nagar Extn / Annex, and oversees the collection of stamp duty and registration fees.

How is stamp duty calculated for properties in Korattur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the appropriate fees are collected during the registration process.