Guideline Value for VIGNESH NAGAR EXTENSION

Vignesh Nagar Extension guideline value

The current guideline value of Vignesh Nagar Extension is Rs 200 per sq.ft, effective from 1 July 2024. This area is located in Pakkam village under the Madurandakam SRO, classified as Residential Special Type - II.

How the guideline value of Vignesh Nagar Extension has changed

The guideline value for Vignesh Nagar Extension has undergone several revisions over the years. The 2012 revision set the value at Rs 200 per sq.ft, which remained unchanged until the 2023 revision, where it was still Rs 200 per sq.ft. However, from the 2017 revision, which recorded a value of Rs 134 per sq.ft, there was a significant increase of 49% to reach Rs 200 per sq.ft in 2023. Notably, the 2007, 2003, and 2002 revisions have no figures recorded for this street.

Looking at the overall changes, from the 2012 revision to the 2024 revision, the guideline value has remained at Rs 200 per sq.ft, indicating no change over this period. The 2012 to 2017 revision saw a decrease of 33%, but the value rebounded to Rs 200 per sq.ft by 2023 and continues at this rate in 2024.

Guideline values in Pakkam

In Pakkam village, there are 13 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 350 per sq.ft, with a median value of Rs 300 per sq.ft. Vignesh Nagar Extension's 2024 figure is below this median.

• Vignesh Nagar: Rs 200 per sq.ft (2024)
• Sri Ram Nagar: Rs 300 per sq.ft (2024)
• S.R.G.D. Nagar: Rs 300 per sq.ft (2024)
• Kowsalya Garden: Rs 350 per sq.ft (2024)
• J J Nagar: Rs 200 per sq.ft (2024)
• Esic Employes Union Golden Juble Nagar: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in Vignesh Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, and the registration fee at 2% would be Rs 4,000, bringing the total cost for these fees to Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vignesh Nagar Extension?

The Sub Registrar Office that covers Vignesh Nagar Extension 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 Pakkam

The guideline value is a critical factor when buying or selling property in Pakkam, as it determines the minimum value on which stamp duty and registration fees are calculated. Buyers must be aware that the guideline value is used to assess the applicable duties, ensuring that the transaction is registered at a value recognized by the government.

When registering a property, it is essential to provide the correct guideline value, as this will influence the overall cost of the transaction. Buyers should consult the latest guideline values to ensure compliance and avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vignesh Nagar Extension?

The current guideline value of Vignesh Nagar Extension is Rs 200 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 200 per sq.ft in both 2023 and 2024. It was Rs 134 per sq.ft in 2017, showing a 49% increase to the current rate.

What is the land classification of Vignesh Nagar Extension?

Vignesh Nagar Extension is classified as Residential Special Type - II, indicating its intended use for residential purposes.

Where can I find the registration office for Vignesh Nagar Extension?

The registration office for Vignesh Nagar Extension is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is the stamp duty calculated for property in Vignesh Nagar Extension?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 200 per sq.ft, the total guideline value is Rs 2,00,000, leading to a stamp duty of Rs 14,000.