Guideline Value for VGP SALAI IST STREET

Vgp Salai Ist Street guideline value

The current guideline value of Vgp Salai Ist 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 Ist Street has changed

Over the years, the guideline value of Vgp Salai Ist Street has seen several revisions. The 2012 revision set the value at Rs 4,500 per sq.ft, which was a decrease of 33% from the previous figure of Rs 3,015 per sq.ft in 2017. The next revision in 2017 raised the value significantly to Rs 4,500 per sq.ft in 2023, marking a 49% increase. The most recent revision in 2024 has further increased the value to Rs 4,950 per sq.ft, which is a 10% rise from the 2023 figure.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, 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 value for these streets is Rs 4,400 per sq.ft, making the guideline value of Vgp Salai Ist Street above this median.

• Vgp Salai Iind Street: Rs 4,950 per sq.ft (2024)
• Vgp Salai Iiird 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 Ist Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total cost together to Rs 4,45,500. It is important to note that the 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 on these charges.

Which Sub Registrar Office covers Vgp Salai Ist Street?

The Sub Registrar Office that covers Vgp Salai Ist 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 further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Saidapet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory charges during the registration process. Buyers should be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

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

The current guideline value of Vgp Salai Ist 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 changed from Rs 4,500 per sq.ft in 2023 to Rs 4,950 per sq.ft in 2024, a 10% increase. It was Rs 3,015 per sq.ft in 2017 and Rs 4,500 per sq.ft in 2012.

What is the land classification for Vgp Salai Ist Street?

The land classification for Vgp Salai Ist Street is Residential Class II Type - I.

What is the registration office for Vgp Salai Ist Street?

The registration office for Vgp Salai Ist Street is the Chennai South Joint II Sub Registrar Office, located in Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Vgp Salai Ist Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 3,46,500.