Guideline Value for VGP SALAI IIND STREET

Vgp Salai Iind Street guideline value

The current guideline value of Vgp Salai Iind Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Vgp Salai Iind Street has changed

In the 2012 revision, the guideline value was Rs 4,500 per sq.ft. This figure decreased to Rs 3,015 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value saw a significant increase of 49%, bringing it to Rs 4,500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 4,950 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, making the 2024 figure for Vgp Salai Iind Street above the median.

• Vgp Salai Iiird Street: Rs 4,950 per sq.ft (2024)
• Vgp Salai Ist Street: Rs 4,950 per sq.ft (2024)
• Vinayagam Koil Street: Rs 4,400 per sq.ft (2024)
• Vinayagam Pettai Street: Rs 6,050 per sq.ft (2024)
• V.O.C. Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• V.O.C. Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vgp Salai Iind Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, resulting in a total of Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for precise calculations based on your property details.

Which Sub Registrar Office covers Vgp Salai Iind Street?

The Sub Registrar Office that covers Vgp Salai Iind Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Saidapet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is legally compliant.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vgp Salai Iind Street?

The current guideline value of Vgp Salai Iind Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, from Rs 4,500 per sq.ft in 2012 to Rs 3,015 per sq.ft in 2017, followed by an increase to Rs 4,500 per sq.ft in 2023, and finally to Rs 4,950 per sq.ft in 2024.

What is the land classification for Vgp Salai Iind Street?

The land classification for Vgp Salai Iind Street is Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Vgp Salai Iind Street?

The Sub Registrar Office for Vgp Salai Iind Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500 and the registration fee would be Rs 99,000.