Guideline Value for VGP SANTHI NAGAR EXTN.

Vgp Santhi Nagar Extn. guideline value

The current guideline value of Vgp Santhi Nagar Extn. is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Commercial Class I Type - I.

How the guideline value of Vgp Santhi Nagar Extn. has changed

The guideline value for Vgp Santhi Nagar Extn. has seen significant changes over the years. In 2002, the value was Rs 178 per sq.ft, which increased to Rs 210 per sq.ft in 2003, marking an 18% rise. The value then surged dramatically to Rs 500 per sq.ft in 2007, reflecting a 138% increase. By 2012, the value remained at Rs 3,500 per sq.ft, showing no change from the previous revision. In 2023, the guideline value was again Rs 3,500 per sq.ft, maintaining the same figure as 2012. Finally, the 2024 revision has set the value at Rs 3,850 per sq.ft, which is a 10% increase from the previous year.

It is noteworthy that there is no figure available for the year 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 2063%, reflecting the changes over the years.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,110 to Rs 8,580 per sq.ft, with a median of Rs 1,650 per sq.ft. Vgp Santhi Nagar Extn.'s 2024 figure of Rs 3,850 per sq.ft is above this median.

• V.G.P. Santhi Nagar (Part I To IV): Rs 3,850 per sq.ft (2024)
• V.G.P. Santhi Nagar Periyar Nagar: Rs 3,850 per sq.ft (2024)
• V.G.P. Santhi Nagar Ramar Street: Rs 3,850 per sq.ft (2024)
• Vgp Rajesh Nagar 7th Cross Street: Rs 2,750 per sq.ft (2024)
• Vgp Rajesh Nagar 6th Street: Rs 2,750 per sq.ft (2024)
• Vgp Rajesh Nagar 5th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vgp Santhi Nagar Extn.

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vgp Santhi Nagar Extn.?

The Vgp Santhi Nagar Extn. falls under the Chennai South Joint I 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 Pallikaranai

The guideline value is a crucial factor when buying or selling property in Pallikaranai. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transactions. Buyers should be aware that the guideline value is used to determine the minimum value at which a property can be registered.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair and standardized rate. This helps in maintaining transparency and accountability in the real estate market, ensuring that both buyers and sellers are aware of the value assigned to their property.

Frequently asked questions

What is the current guideline value of Vgp Santhi Nagar Extn.?

The current guideline value of Vgp Santhi Nagar Extn. is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 178 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting a total increase of 2063% over the years.

What is the role of the Chennai South Joint I SRO?

The Chennai South Joint I SRO is responsible for maintaining the guideline value register and overseeing property registration in the area, including Vgp Santhi Nagar Extn.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a 1,000 sq.ft plot at the current rate incurs a total of Rs 3,46,500 in fees.

Where can I find more information about my SRO?

You can find more information about your Sub Registrar Office by visiting the link provided to find your SRO.