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 area is located in Thailavaram village and falls under the Chengleput Joint II SRO. The land classification for this street is Residential Class I Type - I.

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

Over the years, the guideline value for Vgp Mount Mary Town has seen several revisions. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then reduced to Rs 670 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value back to Rs 1,000 per sq.ft, and the most recent 2024 revision has set it at Rs 1,100 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The value then increased by 10% from 2023 to 2024, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Thailavaram

In Thailavaram, there are 132 streets under the Chengleput Joint II SRO, with 2024 guideline values ranging from Rs 440 to Rs 2,200 per sq.ft. The median value is Rs 770 per sq.ft, and Vgp Mount Mary Town's 2024 figure is above this median.

• Venkateswara Nagar (Val): Rs 881 per sq.ft (2024)
• Vijayalakshmi Nagar Vallancheri (Ward -1): Rs 770 per sq.ft (2024)
• Vijayalakshmi Nagar (Ward-21): Rs 660 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 rate of Rs 1,100 per sq.ft, the guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that 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 details.

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. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions within Thailavaram. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees.

During the registration process, the authorities use the guideline value to ensure that the sale price reflects the market conditions. This means that if the sale price is lower than the guideline value, the duty will still be calculated based on the guideline value.

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 changed several times, with the most recent increase being from Rs 1,000 per sq.ft in 2023 to Rs 1,100 per sq.ft in 2024. The value decreased from Rs 1,000 in 2012 to Rs 670 in 2017 before increasing again in subsequent revisions.

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

The land classification for Vgp Mount Mary Town (Ward -1) is Residential Class I Type - I. This classification indicates the type of development permissible in the area.

Where is the Sub Registrar Office for Vgp Mount Mary Town (Ward -1) located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. This office handles registrations for properties in Vgp Mount Mary Town.

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

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.