Guideline Value for VGN MEYFIELD PARK

Vgn Meyfield Park guideline value

The current guideline value of Vgn Meyfield Park 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 Meyfield Park has changed

The guideline value for Vgn Meyfield Park has undergone several revisions over the years. The oldest recorded revision is from 2017, where the guideline value was Rs 5,000 per sq.ft. This figure increased significantly to Rs 7,500 per sq.ft in the 2023 revision, marking a 50% increase. The most recent revision in 2024 has set the guideline value at Rs 8,250 per sq.ft, reflecting a 10% rise from the previous year.

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

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that have a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. Vgn Meyfield Park's guideline value is above this median.

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

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 guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Vgn Meyfield Park?

The Sub Registrar Office that covers Vgn Meyfield Park is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, within 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 serves as a benchmark for property transactions in Tambaram. It is used to calculate the stamp duty and registration fees that buyers must pay when registering a property. This value is crucial for ensuring that the transaction is legally recognized and that the appropriate taxes are collected.

When buying or selling property, the guideline value helps in determining the minimum price at which the property can be sold. It ensures that the government receives the correct amount of revenue from property transactions, reflecting the value of the property in the market.

Frequently asked questions

What is the current guideline value of Vgn Meyfield Park?

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

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 5,000 per sq.ft to Rs 8,250 per sq.ft in 2024, marking an overall increase of 65%.

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

Several other streets in Tambaram have the same guideline value of Rs 8,250 per sq.ft, including Vgn Melrose Gardens, Vgn Mugavari Phase-II, Vgn Mayfield Park Extension, and Vgn Trinity Gardens.

How is stamp duty calculated for properties in Vgn Meyfield Park?

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

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

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