Guideline Value for VIGNESWAR NAGAR

Vigneswar Nagar guideline value

The current guideline value of Vigneswar Nagar, located in Koladi village under the Chennai South Joint II SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Vigneswar Nagar has changed

The guideline value for Vigneswar Nagar has seen several revisions over the years. In 2007, the value was Rs 200 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 650% rise. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, a drop of 33%. The value then increased to Rs 1,500 per sq.ft in 2023, reflecting a 49% increase. The latest revision in 2024 has set the value at Rs 1,650 per sq.ft, a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 725%.

Guideline values in Koladi

In Koladi village, there are 175 streets under the Chennai South Joint II SRO with a guideline value range from Rs 660 to Rs 4,000 per sq.ft. The median guideline value in this area is Rs 1,100 per sq.ft, positioning Vigneswar Nagar's 2024 figure above this median.

• V.G.S. Nagar: Rs 660 per sq.ft (2024)
• Vishak Avenu 1st And 2nd Cross: Rs 1,650 per sq.ft (2024)
• Vishak Avenue: Rs 1,650 per sq.ft (2024)
• Vishak Avenue Main Road: Rs 1,650 per sq.ft (2024)
• Vallikollai Medu 3rd Street: Rs 1,650 per sq.ft (2024)
• Vallikollai Medu 2nd Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Vigneswar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. Please 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 Vigneswar Nagar?

The Sub Registrar Office covering Vigneswar Nagar is the Chennai South Joint II 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 more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Koladi. It determines the amount of stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vigneswar Nagar?

The current guideline value of Vigneswar Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 725% over the years.

What is the land classification of Vigneswar Nagar?

Vigneswar Nagar is classified as Residential Class I Type - II.

Where can I find the registration office for Vigneswar Nagar?

The registration office for Vigneswar Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Vigneswar Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at 7%.