Guideline Value for VGN MUGAVARI PHASE -I

Vgn Mugavari Phase -I guideline value

The current guideline value of Vgn Mugavari Phase -I is Rs 5,500 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 Residential Special Type - I.

How the guideline value of Vgn Mugavari Phase -I has changed

The guideline value for Vgn Mugavari Phase -I has undergone several revisions over the years. The 2017 revision set the value at Rs 5,000 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 5,000 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 5,500 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, there has been a 10% increase in the guideline value. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 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 in this area is Rs 3,300 per sq.ft, making the current value of Vgn Mugavari Phase -I above the median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. 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 Mugavari Phase -I?

The Vgn Mugavari Phase -I property 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 a critical factor in the registration process when buying or selling property 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 at an appropriate value.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Vgn Mugavari Phase -I?

The current guideline value of Vgn Mugavari Phase -I is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

From 2017 to 2024, the guideline value has increased by 10%, from Rs 5,000 per sq.ft to Rs 5,500 per sq.ft. There was no change in the value from 2017 to 2023.

What is the median guideline value in Tambaram?

The median guideline value in Tambaram is Rs 3,300 per sq.ft, with Vgn Mugavari Phase -I's value being above this median.

Where is the Tambaram Joint 1 Sub Registrar Office located?

The Tambaram Joint 1 Sub Registrar Office is located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at the current rate would incur a total of Rs 4,95,000 in fees.