Guideline Value for VIGNESH NAGAR

Vignesh Nagar guideline value

The current guideline value of Vignesh Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Nanmangalam village and falls under the Pallavaram SRO. The land classification for this locality is Residential Class I Type - I.

How the guideline value of Vignesh Nagar has changed

In the 2012 revision, the guideline value was Rs 2,500 per sq.ft. This figure remained the same until the 2017 revision, where it dropped to Rs 1,675 per sq.ft, marking a decrease of 33%. The value then increased significantly in the 2023 revision to Rs 2,500 per sq.ft, followed by a further increase to Rs 2,750 per sq.ft in the 2024 revision, which is a rise of 10% from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Nanmangalam

Nanmangalam village consists of 139 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, which is equal to the current guideline value of Vignesh Nagar.

• Vigneswara Avenue: Rs 1,980 per sq.ft (2024)
• Vidhiyalingam Nagar: Rs 2,750 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 3,300 per sq.ft (2024)
• Visuvasan Street: Rs 2,750 per sq.ft (2024)
• Vivekanadha Street: Rs 1,980 per sq.ft (2024)
• Veerapandi Nagar 1 To 8 Streets: Rs 1,960 per sq.ft (2024)

Stamp duty and registration fee for property in Vignesh Nagar

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

The Sub Registrar Office that covers Vignesh Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Nanmangalam. It is the basis on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value must be considered as it can affect the overall cost of the transaction. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, which can impact their financial planning.

Frequently asked questions

What is the current guideline value of Vignesh Nagar?

The current guideline value of Vignesh Nagar 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 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Vignesh Nagar?

The land classification for Vignesh Nagar is Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Vignesh Nagar?

The Sub Registrar Office for Vignesh Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

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

Stamp duty for property in Vignesh Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft at the current rate, the total stamp duty would be Rs 1,92,500.