Guideline Value for VICTORY NAGAR

Victory Nagar guideline value

The current guideline value of Victory Nagar is Rs 300 per sq.ft, effective from 1 July 2024. This area is located in Seethalamangalam village, under the Madurandakam SRO, and is classified as Mixed Type - I land.

How the guideline value of Victory Nagar has changed

The guideline value for Victory Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 300 per sq.ft, which remained unchanged in the 2017 revision at Rs 201 per sq.ft, marking a decrease of 33%. However, from 2017 to 2023, the value increased by 49%, returning to Rs 300 per sq.ft. The most recent revision in 2024 has kept the value at Rs 300 per sq.ft, showing no change 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, from 2012 to 2024, the guideline value has remained the same at Rs 300 per sq.ft.

Guideline values in Seethalamangalam

In Seethalamangalam, five streets under the Madurandakam SRO have a 2024 guideline value ranging from Rs 101 to Rs 300 per sq.ft, with the median being Rs 300 per sq.ft. Victory Nagar's 2024 figure aligns with this median.

• Varalakshmi Garden & Extension: Rs 300 per sq.ft (2024)
• Sai Dhanalakshmi Nagar: Rs 101 per sq.ft (2024)
• J.P. Roberts Residency: Rs 300 per sq.ft (2024)
• Dharsini Nagar: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in Victory Nagar

For a 1,000 sq.ft plot at the current rate of Rs 300 per sq.ft, the guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, totaling Rs 27,000. It is important to note that the 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 information.

Which Sub Registrar Office covers Victory Nagar?

The Sub Registrar Office that covers Victory Nagar 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 details.

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

The guideline value is a critical factor in the registration process for property transactions in Seethalamangalam. It determines the minimum value at which properties can be registered, ensuring that the government receives the appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the baseline value of the property. It is essential for buyers to be aware of these values to ensure fair transactions and compliance with legal requirements during registration.

Frequently asked questions

What is the current guideline value of Victory Nagar?

The current guideline value of Victory Nagar is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various revisions, with the most recent being Rs 300 per sq.ft in both 2023 and 2024. It was Rs 201 per sq.ft in 2017 and Rs 300 per sq.ft in 2012, showing a significant increase from 2017 to 2023.

What are the other streets in Seethalamangalam with guideline values?

Other streets in Seethalamangalam include Varalakshmi Garden & Extension, Sai Dhanalakshmi Nagar, J.P. Roberts Residency, and Dharsini Nagar, with values ranging from Rs 101 to Rs 300 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Victory Nagar?

For a property valued at Rs 3,00,000, the stamp duty would be Rs 21,000, and the registration fee would be Rs 6,000, totaling Rs 27,000. This is based on the current guideline value of Rs 300 per sq.ft.

Which office handles property registrations for Victory Nagar?

The Madurandakam Sub Registrar Office handles property registrations for Victory Nagar, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.