Guideline Value for VIGNAESWARA NAGAR PHASE I & II

Vignaeswara Nagar Phase I & II guideline value

The current guideline value of Vignaeswara Nagar Phase I & II is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Jelandianpettai village and falls under the Chennai South Joint I SRO, classified as Residential Class I Type - I.

How the guideline value of Vignaeswara Nagar Phase I & II has changed

The guideline value for Vignaeswara Nagar Phase I & II has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 300 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a rise of 733%. However, it then dropped to Rs 1,675 per sq.ft in 2017, a decrease of 33%. The value rebounded to Rs 2,500 per sq.ft in 2023, and finally, it rose to Rs 2,750 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 817%. The changes between the revisions highlight the fluctuations in the guideline value, with the most notable increase occurring between 2017 and 2023, where the value jumped by 49%.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,320 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Vignaeswara Nagar Phase I & II's 2024 figure above this median.

• Vidhyapalli Street: Rs 2,200 per sq.ft (2024)
• V.G.P.Amaravathi Nagar: Rs 2,750 per sq.ft (2024)
• Vivekanthar Street: Rs 2,200 per sq.ft (2024)
• V.O.C. Street: Rs 2,200 per sq.ft (2024)
• Venkadesan Street: Rs 2,200 per sq.ft (2024)
• Veerathamman Koil West Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vignaeswara Nagar Phase I & II

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total charges to Rs 2,47,500. 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.

Which Sub Registrar Office covers Vignaeswara Nagar Phase I & II?

The Sub Registrar Office that covers Vignaeswara Nagar Phase I & II 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 further assistance.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Jelandianpettai. It serves as a reference point for determining the stamp duty and registration fees that need to be paid, ensuring that the transactions are conducted transparently and fairly.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Vignaeswara Nagar Phase I & II?

The current guideline value of Vignaeswara Nagar Phase I & II is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 817% across the years.

What is the median guideline value for streets in Jelandianpettai?

The median guideline value for streets in Jelandianpettai is Rs 2,200 per sq.ft, with Vignaeswara Nagar Phase I & II being above this median at Rs 2,750 per sq.ft.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where can I find the Sub Registrar Office for Vignaeswara Nagar Phase I & II?

The Sub Registrar Office is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035, under the Chennai South Joint I SRO.