Guideline Value for VANASAKTHI NAGAR EXTN PHASE V

Vanasakthi Nagar Extn Phase V guideline value

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

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

The guideline value for Vanasakthi Nagar Extn Phase V has undergone several revisions over the years. The 2012 revision set the guideline value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,000 per sq.ft, and the most recent 2024 revision has raised it to Rs 3,300 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it saw a significant increase of 49%. The overall change from 2012 to 2024 reflects a 10% increase, with the most recent change from 2023 to 2024 being an increase of 10% as well.

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 Extn Phase V's current guideline value is above this median.

• Vanasakthi Nagar (Madhanakuppam): Rs 1,300 per sq.ft (2024)
• Vanasakthi Nagar Extn Phase IV: Rs 3,300 per sq.ft (2024)
• Vanasakthi Nagar Phase I: Rs 2,900 per sq.ft (2024)
• Vanasakthi Nagar Phase II: Rs 2,900 per sq.ft (2024)
• Vanasakthi Nagar Extn Phase III: Rs 3,300 per sq.ft (2024)
• Vanasakthi Nagar Phase III: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Vanasakthi Nagar Extn Phase 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, bringing the total fees together 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.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vanasakthi Nagar Extn Phase V?

The Villivakkam Sub Registrar Office covers Vanasakthi Nagar Extn Phase V. The office is 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 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 are applicable during the transaction.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government collects the appropriate taxes based on the value of the property being transferred.

Frequently asked questions

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

The current guideline value of Vanasakthi Nagar Extn Phase 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, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

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

The land classification for Vanasakthi Nagar Extn Phase V 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 for properties in Korattur?

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%.