Guideline Value for VICTORY NAGAR PHASE-I

Victory Nagar Phase-I guideline value

The current guideline value of Victory Nagar Phase-I in Andavakkam village is Rs 250 per sq.ft, effective from 1 July 2024. This area falls under the Madurandakam SRO and is classified as Mixed Type - I land.

How the guideline value of Victory Nagar Phase-I has changed

The guideline value for Victory Nagar Phase-I has undergone several revisions over the years. In 2012, the value was set at Rs 250 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 167 per sq.ft, marking a decline of 33%. However, from 2017 to 2023, the value increased by 50%, bringing it back to Rs 250 per sq.ft.

The most recent revision in 2024 maintained the guideline value at Rs 250 per sq.ft, indicating no change from the previous year. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Andavakkam

In Andavakkam, seven streets under the Madurandakam SRO have a 2024 guideline value ranging from Rs 100 to Rs 300 per sq.ft, with a median value of Rs 150 per sq.ft. Victory Nagar Phase-I's 2024 figure is above this median.

• Sslf City Dr.Sakthivel Nagar: Rs 150 per sq.ft (2024)
• Sri Manoprabu Nagar: Rs 100 per sq.ft (2024)
• Sri Ganesh Nagar: Rs 100 per sq.ft (2024)
• Royal Farms: Rs 100 per sq.ft (2024)
• Eyarkkai Nagar Phase-I&ii: Rs 300 per sq.ft (2024)
• Eyarkai Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Victory Nagar Phase-I

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value amounts to Rs 2,50,000. The stamp duty at 7% would be Rs 17,500, and the registration fee at 2% would be Rs 5,000, resulting in a total of Rs 22,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Victory Nagar Phase-I?

The Sub Registrar Office that covers Victory Nagar Phase-I is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Andavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When buying or selling property, the guideline value ensures that the transaction is registered at a fair value, preventing undervaluation or overvaluation of properties. This process helps maintain transparency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Victory Nagar Phase-I?

The current guideline value of Victory Nagar Phase-I is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with a notable decrease in 2017 to Rs 167 per sq.ft, followed by a return to Rs 250 per sq.ft in 2023 and 2024. The overall change from 2012 to 2024 is 0%.

What is the land classification of Victory Nagar Phase-I?

Victory Nagar Phase-I is classified as Mixed Type - I land, which indicates its suitability for various types of development.

What is the stamp duty for property in Victory Nagar Phase-I?

The stamp duty for property in Victory Nagar Phase-I is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a stamp duty of Rs 17,500.

Where can I find the Sub Registrar Office for Victory Nagar Phase-I?

The Madurandakam Sub Registrar Office, which covers Victory Nagar Phase-I, is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.