Guideline Value for VIGNESH NAGAR (N)

Vignesh Nagar (N) guideline value

The current guideline value for Vignesh Nagar (N) is Rs 660 per sq.ft, effective from 1 July 2024. This area is located in Ninna Karai village under the Chengleput Joint II SRO and is classified as Residential Class I Type - III.

How the guideline value of Vignesh Nagar (N) has changed

The guideline value for Vignesh Nagar (N) has seen several revisions over the years. In 2012, the guideline value was Rs 600 per sq.ft. This figure remained unchanged until 2017, when it dropped to Rs 402 per sq.ft, marking a decrease of 33%. The value then increased significantly to Rs 600 per sq.ft in 2023, followed by a rise to Rs 660 per sq.ft in 2024, reflecting a 10% increase from the previous year. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2012 to 2024, it has increased by 10%. The current figure of Rs 660 per sq.ft is the highest recorded for this street in the available revisions.

Guideline values in Ninna Karai

In Ninna Karai, there are 449 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 440 to Rs 3,500 per sq.ft, with a median value of Rs 1,100 per sq.ft. The guideline value for Vignesh Nagar (N) is below this median.

• Vijayanaidu Street (Ward -17): Rs 660 per sq.ft (2024)
• Villier Colony (Ward -2): Rs 440 per sq.ft (2024)
• Villier Street Sattamangalam (Ward -15): Rs 440 per sq.ft (2024)
• Villiery Palayam (Ward -15): Rs 660 per sq.ft (2024)
• Vgn Southern Colony (Kr): Rs 1,980 per sq.ft (2024)
• Vethanayagam Street(Ward -8): Rs 1,760 per sq.ft (2024)

Stamp duty and registration fee for property in Vignesh Nagar (N)

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty, charged at 7%, would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total fees to Rs 59,400. 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 information.

Which Sub Registrar Office covers Vignesh Nagar (N)?

The Sub Registrar Office that covers Vignesh Nagar (N) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role when buying or selling property in Ninna Karai. It is used to determine the stamp duty and registration fees that must be paid during the registration process. The guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation of properties.

When a buyer or seller approaches the registration office, the guideline value is referenced to calculate the applicable fees. It is essential for both parties to be aware of the current guideline value to ensure compliance with local regulations and to avoid any potential disputes during the transaction.

Frequently asked questions

What is the current guideline value for Vignesh Nagar (N)?

The current guideline value for Vignesh Nagar (N) is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase from Rs 600 per sq.ft in 2023 to Rs 660 per sq.ft in 2024. The value was Rs 402 per sq.ft in 2017 and Rs 600 per sq.ft in 2012.

What is the land classification for Vignesh Nagar (N)?

Vignesh Nagar (N) is classified as Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty rates for property transactions in Vignesh Nagar (N)?

The stamp duty rate for property transactions in Vignesh Nagar (N) is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Vignesh Nagar (N) located?

The Sub Registrar Office for Vignesh Nagar (N) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.