Guideline Value for VANCHI NAGAR EXTENSION

Vanchi Nagar Extension guideline value

The current guideline value of Vanchi Nagar Extension is Rs 2,100 per sq.ft, effective from 1 July 2024. It is located in Korattur village and falls under the Villivakkam SRO. The land classification is Residential Class III Type - I.

How the guideline value of Vanchi Nagar Extension has changed

The guideline value for Vanchi Nagar Extension has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. In the 2023 revision, the guideline value increased to Rs 2,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,100 per sq.ft.

Between the revisions, the changes were as follows: from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The change from 2023 to 2024 was a modest increase of 5%. Overall, from 2012 to 2024, the guideline value has increased by 5%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, placing Vanchi Nagar Extension's 2024 figure below that median.

• Vanchi Nagar: Rs 2,100 per sq.ft (2024)
• Vanasakthi Nagar Phase V: Rs 2,900 per sq.ft (2024)
• Vanasakthi Nagar Phase IV: Rs 2,900 per sq.ft (2024)
• Vanasakthi Nagar Phase III: Rs 2,900 per sq.ft (2024)
• Vanasakthi Nagar Phase II: Rs 2,900 per sq.ft (2024)
• Vanasakthi Nagar Phase I: Rs 2,900 per sq.ft (2024)

Stamp duty and registration fee for property in Vanchi Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value would be Rs 21,00,000. The stamp duty at 7% would amount to Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, bringing the total cost for these charges to Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vanchi Nagar Extension?

The Vanchi Nagar Extension 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 plays a crucial role in the registration of properties in Korattur. It serves as a benchmark for determining the minimum value at which properties can be registered. When a property is sold, the registration office uses the guideline value to calculate the applicable stamp duty and registration fees.

Buyers and sellers should be aware that the guideline value is updated periodically, and it is essential to check the latest figures before engaging in any property transactions. This ensures that all fees are calculated accurately based on the most current data.

Frequently asked questions

What is the current guideline value of Vanchi Nagar Extension?

The current guideline value of Vanchi Nagar Extension is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,100 per sq.ft in 2024.

What is the land classification of Vanchi Nagar Extension?

Vanchi Nagar Extension is classified as Residential Class III Type - I.

Where is the Villivakkam Sub Registrar Office located?

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

How is stamp duty calculated for properties in Vanchi Nagar Extension?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 21,00,000, the stamp duty at 7% would be Rs 1,47,000.