Guideline Value for VIGNESWARA NAGAR MAIN STREET

Vigneswara Nagar Main Street guideline value

The current guideline value of Vigneswara Nagar Main Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Sholinganallur - 1 village under the Neelankarai SRO, classified as Residential Class II Type - III.

How the guideline value of Vigneswara Nagar Main Street has changed

The guideline value for Vigneswara Nagar Main Street has undergone several revisions over the years. The earliest recorded figure is from the 2017 revision at Rs 1,340 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 sees the guideline value at Rs 2,200 per sq.ft, which is a further increase of 10% from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are a total of 754 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which matches the current value for Vigneswara Nagar Main Street.

• Vigneswara Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Vigneswara Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Vigneswara Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Vijaya Nagar: Rs 2,200 per sq.ft (2024)
• V.G.P. West Part Main Road: Rs 5,500 per sq.ft (2024)
• V.G.P. South Part - VIII: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Vigneswara Nagar Main Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty, charged at 7%, would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that 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 Vigneswara Nagar Main Street?

The Sub Registrar Office that covers Vigneswara Nagar Main Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor during the registration of property transactions in Sholinganallur - 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the law. It is essential for buyers to be aware of the guideline value to ensure they are paying a fair price and to understand the associated costs of registration.

Frequently asked questions

What is the current guideline value of Vigneswara Nagar Main Street?

The current guideline value of Vigneswara Nagar Main Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased by 64%, from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024.

What are the other streets with the same guideline value in Sholinganallur - 1?

Other streets in Sholinganallur - 1 with the same guideline value of Rs 2,200 per sq.ft include Vigneswara Nagar 1st, 2nd, and 3rd Streets, as well as Vijaya Nagar.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated on property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.