Guideline Value for VANASAKTHI NAGAR PHASE II

Vanasakthi Nagar Phase II guideline value

The current guideline value of Vanasakthi Nagar Phase II is Rs 2,900 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 area is Residential Class II Type - II.

How the guideline value of Vanasakthi Nagar Phase II has changed

The guideline value for Vanasakthi Nagar Phase II has undergone several revisions over the years. In 2007, the guideline value was Rs 1,300 per sq.ft, which increased to Rs 2,700 per sq.ft in 2012. However, there was a decrease to Rs 1,809 per sq.ft in 2017. The value then rose significantly to Rs 2,700 per sq.ft in 2023, before reaching the current rate of Rs 2,900 per sq.ft in 2024.

From 2017 to 2023, the increase was 49%, while the change from 2012 to 2017 saw a decrease of 33%. The 2007 to 2012 period experienced a substantial increase of 108%. Overall, from 2007 to 2024, the guideline value has increased by 123%. The register has no figures for the years 2002 and 2003 for this street.

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 of Rs 2,500 per sq.ft. The guideline value of Vanasakthi Nagar Phase II is above this median.

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

Stamp duty and registration fee for property in Vanasakthi Nagar Phase II

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would amount to Rs 2,03,000, and the registration fee at 2% would be Rs 58,000. Together, the total cost for these fees would be Rs 2,61,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vanasakthi Nagar Phase II?

The Sub Registrar Office that covers Vanasakthi Nagar Phase II 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 is a crucial factor in property transactions in Korattur, as it determines the stamp duty and registration fees payable during the sale or purchase of property. Buyers and sellers must refer to the current guideline value to calculate these costs accurately.

When registering a property, the guideline value serves as a benchmark for the minimum value of the property. This ensures that the government receives appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Vanasakthi Nagar Phase II?

The current guideline value of Vanasakthi Nagar Phase II is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,300 per sq.ft in 2007 to Rs 2,900 per sq.ft in 2024, which is an overall increase of 123% over the years.

What is the land classification of Vanasakthi Nagar Phase II?

The land classification for Vanasakthi Nagar Phase II is Residential Class II Type - II.

Where can I find the Sub Registrar Office for Vanasakthi Nagar Phase II?

The Sub Registrar Office for Vanasakthi Nagar Phase II 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 Vanasakthi Nagar Phase II?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000.