Guideline Value for VGN MELROSE GARDENS EXTENSION

Vgn Melrose Gardens Extension guideline value

The current guideline value of Vgn Melrose Gardens 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, with a land classification of Mixed Type - I.

How the guideline value of Vgn Melrose Gardens Extension has changed

The guideline value for Vgn Melrose Gardens Extension has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 8,250 per sq.ft, an increase of 10% from the 2023 revision of Rs 7,500 per sq.ft. Prior to that, in 2017, the guideline value was Rs 5,000 per sq.ft, marking a significant increase of 50% to the 2023 figure. There are no figures available for the revisions in 2012, 2007, 2003, and 2002 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 65%. This reflects the changes in the real estate landscape over the years, with each revision indicating a shift in property valuation in the area.

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 value across these streets is Rs 3,300 per sq.ft, placing the 2024 figure for Vgn Melrose Gardens Extension above that median.

• Vgn Melrose Gardens: Rs 8,250 per sq.ft (2024)
• Vgn Meyfield Park: Rs 8,250 per sq.ft (2024)
• Vgn Mayfield Park Extension: 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 Melrose Gardens Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 8,250 per sq.ft, the total guideline value amounts to Rs 82,50,000. The stamp duty at 7% would be Rs 5,77,500, and the registration fee at 2% would be Rs 1,65,000, bringing the total cost to Rs 7,42,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vgn Melrose Gardens Extension?

The Vgn Melrose Gardens Extension falls under 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 information.

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

The guideline value is an essential factor during the registration of property transactions in Tambaram. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of property transfer, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling a property, it is crucial to be aware of the current guideline value, as it directly affects the financial obligations involved in the transaction. Buyers should ensure that they are informed about the latest revisions to avoid any unexpected costs during registration.

Frequently asked questions

What is the current guideline value of Vgn Melrose Gardens Extension?

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

How much has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2017 to Rs 8,250 per sq.ft in 2024, which is an overall increase of 65% over this period.

What is the stamp duty rate for property in Vgn Melrose Gardens Extension?

The stamp duty rate for property in Vgn Melrose Gardens Extension is 7% of the guideline value or the sale price, whichever is higher.

Which office handles the registration for Vgn Melrose Gardens Extension?

The registration for Vgn Melrose Gardens Extension is handled by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the median guideline value for streets in Tambaram?

The median guideline value for streets in Tambaram is Rs 3,300 per sq.ft, with Vgn Melrose Gardens Extension's value being above that median.