Guideline Value for VGN MAYFIELD PARK EXTENSION

Vgn Mayfield Park Extension guideline value

The current guideline value of Vgn Mayfield Park Extension is Rs 8,250 per sq.ft, effective from 1 July 2024. This property is located in Tambaram village, under the Tambaram Joint 1 SRO, and is classified as Mixed Type - I land.

How the guideline value of Vgn Mayfield Park Extension has changed

The guideline value for Vgn Mayfield Park Extension has seen several revisions over the years. The oldest recorded revision was in 2017, with a guideline value of Rs 5,000 per sq.ft. This increased to Rs 7,500 per sq.ft in 2023, marking a significant rise of 50%. The latest revision in 2024 has set the value at Rs 8,250 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 65%.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing Vgn Mayfield Park Extension above this median.

• Vgn Melrose Gardens: Rs 8,250 per sq.ft (2024)
• Vgn Melrose Gardens Extension: Rs 8,250 per sq.ft (2024)
• Vgn Meyfield Park: Rs 8,250 per sq.ft (2024)
• Vgn Mugavari Phase -I: Rs 5,500 per sq.ft (2024)
• Vgn Mugavari Phase-II: Rs 8,250 per sq.ft (2024)
• Vgn Trinity Gardens: Rs 8,250 per sq.ft (2024)

Stamp duty and registration fee for property in Vgn Mayfield Park Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 8,250 per sq.ft, the total guideline value would be Rs 82,50,000. The stamp duty at 7% would amount to Rs 5,77,500, and the registration fee at 2% would be Rs 1,65,000, bringing the total charges to Rs 7,42,500. Please 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 Vgn Mayfield Park Extension?

The Sub Registrar Office that covers Vgn Mayfield Park Extension is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is an important factor in the registration process of property transactions in Tambaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official registry.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Vgn Mayfield Park Extension?

The current guideline value of Vgn Mayfield Park Extension is Rs 8,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2017 to Rs 7,500 per sq.ft in 2023, and now to Rs 8,250 per sq.ft in 2024. This represents an overall increase of 65% from 2017 to 2024.

What are the other streets with the same guideline value in Tambaram?

Other streets in Tambaram with the same guideline value of Rs 8,250 per sq.ft include Vgn Melrose Gardens, Vgn Melrose Gardens Extension, Vgn Meyfield Park, Vgn Mugavari Phase-II, and Vgn Trinity Gardens.

What is the registration fee for property in Vgn Mayfield Park Extension?

The registration fee for property in Vgn Mayfield Park Extension is calculated based on the guideline value. For a property valued at Rs 82,50,000, the registration fee at 2% would be Rs 1,65,000.

Where can I find the Sub Registrar Office for Vgn Mayfield Park Extension?

The Sub Registrar Office for Vgn Mayfield Park Extension is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.