Guideline Value for VANCHI NAGAR

Vanchi Nagar guideline value

The current guideline value of Vanchi Nagar is Rs 2,100 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Vanchi Nagar has changed

Since the 2007 revision, the guideline value for Vanchi Nagar has seen significant changes. The 2007 revision set the value at Rs 600 per sq.ft, which increased to Rs 2,000 per sq.ft in 2012. There was no figure available for the years 2002, 2003, and 2017. The value remained unchanged at Rs 2,000 per sq.ft until the 2023 revision, which also did not change the figure. However, in the 2024 revision, the guideline value rose by 5% to Rs 2,100 per sq.ft.

Overall, from 2007 to 2024, the guideline value has increased by 250%. The changes from the previous revisions highlight a substantial rise in the guideline value, particularly from 2007 to 2012, where it increased by 233%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that have a guideline value for 2024, 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 Vanchi Nagar is below this median.

• Vanchi Nagar Extension: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value amounts to Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, bringing the total fees together 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vanchi Nagar?

The Sub Registrar Office that covers Vanchi Nagar 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 further assistance.

How the guideline value is used when you buy or sell in Korattur

The guideline value is a crucial factor during property registration in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers must be aware that these fees are based on the guideline value or the sale price, whichever is higher, to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vanchi Nagar?

The current guideline value of Vanchi Nagar 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 600 per sq.ft in 2007 to Rs 2,100 per sq.ft in 2024, marking a total increase of 250% over the years.

What is the land classification of Vanchi Nagar?

Vanchi Nagar is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Vanchi Nagar?

The Villivakkam Sub Registrar Office covers Vanchi Nagar and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What fees are associated with buying property in Vanchi Nagar?

When buying property in Vanchi Nagar, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.