Guideline Value for VGP SHANTHI NAGAR

Vgp Shanthi Nagar guideline value

The current guideline value of Vgp Shanthi Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village under the Chennai South Joint I SRO, and is classified as Residential Special Type - I.

How the guideline value of Vgp Shanthi Nagar has changed

In the 2012 revision, the guideline value was set at Rs 2,500 per sq.ft. This figure remained unchanged through the 2023 revision, which also recorded a value of Rs 2,500 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,750 per sq.ft, marking a 10% rise from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The register does not have figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, and Vgp Shanthi Nagar's 2024 figure of Rs 2,750 per sq.ft is above that median.

• V.G.P. Shanthi First Labour Colony: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• V.G.P. Shanthi Elango Street Extension: Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar 3rd Street (Elango): Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar 4th Street(Avvai): Rs 3,850 per sq.ft (2024)
• V.G.P.Shanthi Nagar Bharathi Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Vgp Shanthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vgp Shanthi Nagar?

The Sub Registrar Office that covers Vgp Shanthi Nagar is 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 registering property transactions in Pallikaranai. It serves as the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees that buyers must pay.

When buying or selling property, it is essential to ensure that the transaction value is not below the guideline value. This ensures compliance with local regulations and helps in determining the appropriate fees associated with the registration process.

Frequently asked questions

What is the current guideline value of Vgp Shanthi Nagar?

The current guideline value of Vgp Shanthi Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,500 per sq.ft in 2012 to Rs 2,750 per sq.ft in 2024, representing a 10% increase. The value remained unchanged at Rs 2,500 per sq.ft during the 2023 revision.

What is the land classification for Vgp Shanthi Nagar?

Vgp Shanthi Nagar is classified as Residential Special Type - I, which indicates its designation for residential purposes within the local planning framework.

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

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 27,50,000, the total fees would amount to Rs 2,47,500.

Which office handles the registration for Vgp Shanthi Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Vgp Shanthi Nagar. It is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.