Guideline Value for VANASAKTHI NAGAR PHASE I

Vanasakthi Nagar Phase I guideline value

The current guideline value of Vanasakthi Nagar Phase I is Rs 2,900 per sq.ft. This area is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Vanasakthi Nagar Phase I has changed

The guideline value for Vanasakthi Nagar Phase I has undergone several revisions over the years. The 2007 revision set the value at Rs 1,300 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in the 2012 revision. However, the value decreased by 33% to Rs 1,809 per sq.ft in the 2017 revision. Following this, the value saw a substantial rise of 49%, reaching Rs 2,700 per sq.ft in 2023, and then increased by 7% to the current value of Rs 2,900 per sq.ft effective from 1 July 2024.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. The overall change from the 2007 to 2024 revisions reflects an increase of 123%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value 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, indicating that Vanasakthi Nagar Phase I's 2024 figure is above this median.

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

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, leading to a total cost of Rs 2,61,000. 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 Phase I?

The Sub Registrar Office that covers Vanasakthi Nagar Phase I is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By 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 an essential factor in the registration process for property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a buyer or seller registers a property, the guideline value is used to calculate the applicable fees, ensuring that the transaction is recorded accurately in accordance with government regulations.

Frequently asked questions

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

The current guideline value of Vanasakthi Nagar Phase I 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 significantly, from Rs 1,300 per sq.ft in 2007 to Rs 2,900 per sq.ft in 2024, reflecting an overall increase of 123% over the years.

What are the other streets in Korattur with their guideline values?

Other streets in Korattur include Vanasakthi Nagar (Madhanakuppam) at Rs 1,300 per sq.ft, Vanasakthi Nagar Phase II at Rs 2,900 per sq.ft, and Vanasakthi Nagar Extn Phase V at Rs 3,300 per sq.ft, among others.

What is the registration fee for property in Vanasakthi Nagar Phase I?

The registration fee for property in Vanasakthi Nagar Phase I is calculated based on the guideline value. For instance, a property valued at Rs 29,00,000 would incur a registration fee of Rs 58,000 at 2%.

Where is the Sub Registrar Office for Vanasakthi Nagar Phase I located?

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