Guideline Value for VGN MELROSE GARDENS

Vgn Melrose Gardens guideline value

The current guideline value of Vgn Melrose Gardens 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 it falls under the Mixed Type - I land classification.

How the guideline value of Vgn Melrose Gardens has changed

The guideline value for Vgn Melrose Gardens has undergone several revisions over the years. The oldest revision available is from 2017, where the guideline value was Rs 5,000 per sq.ft. This figure increased to Rs 7,500 per sq.ft in 2023, marking a 50% rise. The latest revision in 2024 shows a further increase to Rs 8,250 per sq.ft, which is a 10% increase from the previous year.

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

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 for these streets is Rs 3,300 per sq.ft, placing Vgn Melrose Gardens above this median.

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

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 to Rs 7,42,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vgn Melrose Gardens?

The Sub Registrar Office that covers Vgn Melrose Gardens 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 plays a crucial role in property transactions in Tambaram, as it is used to determine the stamp duty and registration fees applicable during the sale or purchase of property. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When registering a property, the guideline value serves as a benchmark for calculating the applicable fees. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the transaction process.

Frequently asked questions

What is the current guideline value for Vgn Melrose Gardens?

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

How much has the guideline value changed in recent years?

From 2017 to 2024, the guideline value has increased by 65%, with significant changes of 50% from 2017 to 2023 and 10% from 2023 to 2024.

What is the land classification for Vgn Melrose Gardens?

Vgn Melrose Gardens is classified as Mixed Type - I land, which influences its guideline value and usage.

Where can I find the Sub Registrar Office for Vgn Melrose Gardens?

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

How is the stamp duty calculated for properties in Vgn Melrose Gardens?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 82,50,000 would incur a stamp duty of Rs 5,77,500 at a rate of 7%.