Guideline Value for VANASAKTHI NAGAR EXTN PHASE III

Vanasakthi Nagar Extn Phase III guideline value

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

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

Looking at the revisions over the years, the guideline value for Vanasakthi Nagar Extn Phase III has seen several changes. The 2012 revision set the value at Rs 3,000 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 2,010 per sq.ft. The value then rose to Rs 3,000 per sq.ft in 2012, followed by a significant increase to Rs 3,000 per sq.ft in the 2023 revision, marking a 49% increase from 2017. The latest revision in 2024 has further increased the guideline value to Rs 3,300 per sq.ft, reflecting a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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. The guideline value for Vanasakthi Nagar Extn Phase III is above this median.

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vanasakthi Nagar Extn Phase III?

The Vanasakthi Nagar Extn Phase III 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 is a crucial factor when registering property transactions in Korattur. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers should be aware that the guideline value may differ from the actual sale price, and the higher of the two will be used to calculate the applicable fees.

Understanding the guideline value is essential for both buyers and sellers, as it impacts the overall cost of the transaction. It is advisable to check the latest guideline values before proceeding with any property dealings in the area.

Frequently asked questions

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

The current guideline value of Vanasakthi Nagar Extn Phase III 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, marking a 10% increase. The value was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing a significant rise over the years.

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

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

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated in Korattur?

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