Guideline Value for VGN MAHALAKSHMI NAGAR CROSS STREET

Vgn Mahalakshmi Nagar Cross Street guideline value

The current guideline value of Vgn Mahalakshmi Nagar Cross Street is Rs 3,190 per sq.ft, effective from 1 July 2024. This street is located in Perumalagaram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class V Type - I.

How the guideline value of Vgn Mahalakshmi Nagar Cross Street has changed

The guideline value for Vgn Mahalakshmi Nagar Cross Street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 2,900 per sq.ft. This figure remained unchanged in the 2012 revision. However, in 2017, it decreased to Rs 1,943 per sq.ft before increasing to Rs 2,900 per sq.ft in 2023. The most recent revision in 2024 raised the guideline value to Rs 3,190 per sq.ft.

From 2012 to 2017, there was a decrease of 33%. Between 2017 and 2023, the value increased significantly by 49%. The guideline value saw a 10% increase from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Perumalagaram

In Perumalagaram, there are 74 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 825 to Rs 7,920 per sq.ft. The median guideline value for these streets is Rs 3,190 per sq.ft, which is equal to the current guideline value of Vgn Mahalakshmi Nagar Cross Street.

• Vgn Mahalakshmi Nagar Main Road: Rs 3,190 per sq.ft (2024)
• Vgn Mahalakshmi Nagar Phase - XII: Rs 7,920 per sq.ft (2024)
• Vgn Mahalakshmi Nagar Phase XIII: Rs 7,920 per sq.ft (2024)
• Vgn Mahalakshmi Nagar Phase XIV: Rs 7,920 per sq.ft (2024)
• Venkatesan Street: Rs 3,190 per sq.ft (2024)
• Vadanoombal Cherry: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Vgn Mahalakshmi Nagar Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,190 per sq.ft, the total guideline value amounts to Rs 31,90,000. The stamp duty at 7% would be Rs 2,23,300, and the registration fee at 2% would be Rs 63,800, bringing the total to Rs 2,87,100. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vgn Mahalakshmi Nagar Cross Street?

The Vgn Mahalakshmi Nagar Cross Street is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions as it determines the minimum value at which a property can be registered. When buying or selling property in Perumalagaram, the guideline value is used to calculate applicable stamp duties and registration fees, ensuring that both parties adhere to legal requirements.

During the registration process, the guideline value serves as a benchmark for assessing the property's worth. It is essential for buyers and sellers to be aware of the guideline value to avoid any discrepancies during the registration of the property.

Frequently asked questions

What is the current guideline value of Vgn Mahalakshmi Nagar Cross Street?

The current guideline value of Vgn Mahalakshmi Nagar Cross Street is Rs 3,190 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,900 per sq.ft in 2012 to Rs 1,943 per sq.ft in 2017, then increased to Rs 2,900 per sq.ft in 2023, and finally to Rs 3,190 per sq.ft in 2024.

What is the land classification for Vgn Mahalakshmi Nagar Cross Street?

The land classification for Vgn Mahalakshmi Nagar Cross Street is Residential Class V Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Vgn Mahalakshmi Nagar Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,23,300.