Guideline Value for VGN LakshmiNagar

VGN LakshmiNagar guideline value

The current guideline value of VGN LakshmiNagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This property is located in Kolapakkam village, under the Pammal SRO, and is classified as Residential Class II Type - I.

How the guideline value of VGN LakshmiNagar has changed

The guideline value for VGN LakshmiNagar has seen several revisions over the years. The oldest recorded revision is from 2017, where the guideline value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street in the register.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 6,850 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value of VGN LakshmiNagar.

• Vgn Orville: Rs 3,285 per sq.ft (2024)
• Vgn Orvillee Extension-I: Rs 4,600 per sq.ft (2024)
• Vgn Orville Extension II: Rs 4,600 per sq.ft (2024)
• Venkateswara Nagar: Rs 2,750 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 2,200 per sq.ft (2024)
• Vembuliamman Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in VGN LakshmiNagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers VGN LakshmiNagar?

The Sub Registrar Office that covers VGN LakshmiNagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolapakkam. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of registration.

When a property is sold, the buyer must ensure that the sale price is either equal to or higher than the guideline value to avoid any discrepancies during registration. The registration office will use the guideline value to calculate the applicable fees based on the higher of the two values.

Frequently asked questions

What is the current guideline value of VGN LakshmiNagar?

The current guideline value of VGN LakshmiNagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, representing a total increase of 64% over this period.

What is the land classification for VGN LakshmiNagar?

VGN LakshmiNagar is classified as Residential Class II Type - I according to the guideline value register.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in VGN LakshmiNagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the stamp duty would amount to Rs 1,54,000.