Guideline Value for VIGNESH NAGAR

Vignesh Nagar guideline value

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

How the guideline value of Vignesh Nagar has changed

The guideline value for Vignesh Nagar has seen several revisions over the years. In 2007, the value was set at Rs 30 per sq.ft, which increased significantly to Rs 200 per sq.ft in 2012. However, it dropped to Rs 134 per sq.ft in 2017. From 2017 to 2023, the value rose to Rs 200 per sq.ft, maintaining the same value in the 2024 revision. 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 567%. The changes between the revisions include a 567% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, and a 49% increase from 2017 to 2023, with no change from 2023 to 2024.

Guideline values in Pakkam

Pakkam village has a range of guideline values across its 13 streets under the Madurandakam SRO, with the 2024 figures ranging from Rs 200 to Rs 350 per sq.ft. The median value is Rs 300 per sq.ft, placing Vignesh Nagar's 2024 figure below that median.

• Vignesh Nagar Extension: 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

For a 1,000 sq.ft plot at the current rate of Rs 200 per sq.ft, the guideline value is Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, totaling Rs 18,000. 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 details.

Which Sub Registrar Office covers Vignesh Nagar?

The Sub Registrar Office that covers Vignesh 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 information.

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

The guideline value is a critical factor in the registration process for property transactions in Pakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Vignesh Nagar?

The current guideline value of Vignesh Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 30 per sq.ft in 2007 to Rs 200 per sq.ft in 2012, then decreased to Rs 134 per sq.ft in 2017, before returning to Rs 200 per sq.ft in 2023 and 2024.

What is the land classification for Vignesh Nagar?

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

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

The stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a property valued at Rs 2,00,000, the total fees would amount to Rs 18,000.

Which office handles registrations for Vignesh Nagar?

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