Guideline Value for VASANTH NAGAR

Vasanth Nagar guideline value

The current guideline value of Vasanth Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam Sub Registrar Office (SRO). The land classification for Vasanth Nagar is Residential Class IV Type - I.

How the guideline value of Vasanth Nagar has changed

Over the years, the guideline value of Vasanth Nagar has experienced several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and then to Rs 1,300 per sq.ft in the 2024 revision. Notably, there are no figures available for this street in the revisions for the years 2002, 2003, and 2007.

In terms of percentage changes, the guideline value increased by 8% from 2023 to 2024, and there was a substantial increase of 49% from 2017 to 2023. However, the value saw a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 8%.

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. The median guideline value for these streets is Rs 2,500 per sq.ft, indicating that Vasanth Nagar's 2024 figure is below this median.

• VANNIAR 2nd STREET: Rs 2,500 per sq.ft (2024)
• VANNIAR 1st STREET: Rs 2,500 per sq.ft (2024)
• VANNIAR 1st SOUTH STREET: Rs 2,500 per sq.ft (2024)
• Veeravanchi Nagar: Rs 1,300 per sq.ft (2024)
• Vanchi Nagar Extension: Rs 2,100 per sq.ft (2024)
• Vanchi Nagar: Rs 2,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vasanth Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees together to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vasanth Nagar?

The Vasanth Nagar area 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 further assistance.

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

The guideline value plays a crucial role during the registration process of property transactions in Korattur. It is utilized to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the correct amount of revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vasanth Nagar?

The current guideline value of Vasanth Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Vasanth Nagar?

Vasanth Nagar is classified as Residential Class IV Type - I.

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 stamp duty calculated for properties in Vasanth Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.