Guideline Value for VANASAKTHI NAGAR EXTN PHASE 1

Vanasakthi Nagar Extn Phase 1 guideline value

The current guideline value of Vanasakthi Nagar Extn Phase 1 is Rs 3,300 per sq.ft, effective from 1 July 2024. This property is located in Korattur village under the Villivakkam SRO and falls under the land classification of Residential Special Type - III.

How the guideline value of Vanasakthi Nagar Extn Phase 1 has changed

The guideline value for Vanasakthi Nagar Extn Phase 1 has seen several revisions over the years. Starting from the 2012 revision, the value was Rs 3,000 per sq.ft. This figure decreased to Rs 2,010 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, comparing the 2012 and 2024 revisions, there has been a 10% increase in the guideline value.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, and the guideline value for Vanasakthi Nagar Extn Phase 1 is above this median.

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

Stamp duty and registration fee for property in Vanasakthi Nagar Extn Phase 1

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, leading to a total of Rs 2,97,000. Please note that the 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 Phase 1?

The Sub Registrar Office that covers Vanasakthi Nagar Extn Phase 1 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 information.

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

The guideline value serves as a benchmark for property transactions in Korattur, determining the minimum value at which properties can be registered. When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties comply with the legal requirements.

It is essential for buyers and sellers to be aware of the guideline value, as it impacts the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during property dealings in the area.

Frequently asked questions

What is the current guideline value of Vanasakthi Nagar Extn Phase 1?

The current guideline value of Vanasakthi Nagar Extn Phase 1 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 2023 to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,010 per sq.ft in 2017, which was a 33% decrease from Rs 3,000 per sq.ft in 2012.

What is the land classification for Vanasakthi Nagar Extn Phase 1?

The land classification for Vanasakthi Nagar Extn Phase 1 is Residential Special Type - III.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Vanasakthi Nagar Extn Phase 1 is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in this area?

The stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.