Guideline Value for VGP MOUNT MARY TOWN (WARD -1)

Vgp Mount Mary Town (Ward -1) guideline value

The current guideline value of Vgp Mount Mary Town (Ward -1) is Rs 1,100 per sq.ft, effective from 1 July 2024. This locality is situated in Potheri village under the Chengleput Joint II SRO and is classified as Residential Class I Type - I.

How the guideline value of Vgp Mount Mary Town (Ward -1) has changed

In the 2012 revision, the guideline value was set at Rs 1,000 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 670 per sq.ft, marking a -33% change. The value then increased to Rs 1,000 per sq.ft in the 2023 revision, followed by a further increase to Rs 1,100 per sq.ft in the 2024 revision, reflecting a +10% change.

From 2017 to 2023, there was a significant increase of +49%, while the overall change from 2012 to 2024 shows a modest increase of +10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Potheri

Potheri has a total of 129 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 2,970 per sq.ft. The median guideline value in Potheri is Rs 770 per sq.ft, positioning Vgp Mount Mary Town (Ward -1) above this median.

• Venkateswara Nagar (Val): Rs 880 per sq.ft (2024)
• Vijayalakshmi Nagar Vallancheri (Ward -1): Rs 770 per sq.ft (2024)
• Vijayalakshmi Nagar (Ward-21): Rs 770 per sq.ft (2024)
• Viknarajapuram Vallancheri (Ward -1): Rs 770 per sq.ft (2024)
• Vembuliamman Koil Street (Ward -1): Rs 770 per sq.ft (2024)
• Velan Nagar (Ward -1): Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Vgp Mount Mary Town (Ward -1)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total cost for these fees to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vgp Mount Mary Town (Ward -1)?

The Sub Registrar Office that covers Vgp Mount Mary Town (Ward -1) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Potheri

The guideline value serves as a benchmark for property registration in Potheri. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees applicable to that transaction.

During the registration process, the higher of the guideline value or the sale price is considered for calculating the duties. This ensures that the government receives appropriate revenue based on the property’s value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Vgp Mount Mary Town (Ward -1)?

The current guideline value of Vgp Mount Mary Town (Ward -1) is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions: from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally reaching Rs 1,100 per sq.ft in 2024.

What is the land classification of Vgp Mount Mary Town (Ward -1)?

Vgp Mount Mary Town (Ward -1) is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Vgp Mount Mary Town (Ward -1)?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a property valued at Rs 11,00,000 would incur a total fee of Rs 99,000.

Where can I find the Sub Registrar Office for Vgp Mount Mary Town (Ward -1)?

The Chengleput Joint II Sub Registrar Office covers Vgp Mount Mary Town (Ward -1) and is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.