Guideline Value for VIJAY NAGAR

Vijay Nagar guideline value

The current guideline value of Vijay Nagar, located in Meyur village under the Oothukkottai SRO, is Rs 100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Vijay Nagar has changed

Over the years, the guideline value for Vijay Nagar has seen several revisions. The 2012 revision set the value at Rs 60 per sq.ft, which increased to Rs 40 per sq.ft in the 2017 revision. Following this, the guideline value jumped significantly to Rs 100 per sq.ft in the 2023 revision, remaining unchanged in the 2024 revision.

The changes between these revisions highlight a notable increase. From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 150%. Overall, from 2012 to 2024, the guideline value has risen by 67%.

Guideline values in Meyur

In Meyur, there are 12 streets under the Oothukkottai SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 150 per sq.ft, with a median value of Rs 100 per sq.ft. Vijay Nagar's 2024 figure aligns with this median.

• Vijayalakshmi Nagar-Phas-II: Rs 100 per sq.ft (2024)
• Vijayalakshmi Nagar -Ext: Rs 100 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 100 per sq.ft (2024)
• Sri Sakthi Nagar: Rs 100 per sq.ft (2024)
• Sri Muthappa Nagar: Rs 150 per sq.ft (2024)
• Sri Balaji Avenue: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Vijay Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, making the total fees Rs 9,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vijay Nagar?

The Vijay Nagar area is covered by the Oothukkottai Sub Registrar Office, located near the government hospital in Uthukottai, Chennai, 602026. For more details, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Meyur. It is used to determine the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it ensures that the property transactions comply with the legal requirements set by the Registration Department. This value helps in assessing the financial obligations associated with property transactions in the area.

Frequently asked questions

What is the current guideline value of Vijay Nagar?

The current guideline value of Vijay Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 60 per sq.ft in 2012 to Rs 40 per sq.ft in 2017, then increased to Rs 100 per sq.ft in 2023 and remained the same in 2024.

What is the land classification for Vijay Nagar?

Vijay Nagar is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 1,00,000, the stamp duty would be Rs 7,000 and the registration fee would be Rs 2,000, totaling Rs 9,000.

Which office handles registrations for Vijay Nagar?

The Oothukkottai Sub Registrar Office handles registrations for Vijay Nagar, located near the government hospital in Uthukottai, Chennai, 602026.