Guideline Value for VIJAY NAGAR

Vijay Nagar guideline value

The current guideline value of Vijay Nagar, located in Korattur village under the Villivakkam SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - III land classification.

How the guideline value of Vijay Nagar has changed

The guideline value of Vijay Nagar has seen several revisions over the years. In 2002, the value was Rs 71 per sq.ft, which increased significantly to Rs 375 per sq.ft in 2007, marking a 428% rise. The value then further increased to Rs 1,500 per sq.ft in 2012, reflecting a 300% increase from the previous revision. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, a drop of 33%. The most recent revision in 2024 set the guideline value at Rs 1,600 per sq.ft, which is a 59% increase from the 2017 figure.

It is important to note that there are no figures available for the years 2003 and 2023 for Vijay Nagar in the register. Overall, from 2002 to 2024, the guideline value has increased by 2154%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value of Vijay Nagar is below this median.

• Vimal Nagar: Rs 1,600 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 1,600 per sq.ft (2024)
• Vinayagar Koil Street: Rs 1,600 per sq.ft (2024)
• Vinayagar Nagar: Rs 1,600 per sq.ft (2024)
• Vivekananda Nagar Annex: Rs 3,300 per sq.ft (2024)
• Vivekananda Nagar Annex III: Rs 3,300 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 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total cost Rs 1,44,000. 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 Vijay Nagar?

The Vijay Nagar area falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

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

The guideline value is an essential factor when registering property transactions in Korattur. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is recorded accurately in the official register.

When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these charges are based on the guideline value or the sale price, whichever is higher, ensuring compliance with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Vijay Nagar?

The current guideline value of Vijay Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes from Rs 71 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 2154% over this period.

What is the land classification for Vijay Nagar?

Vijay Nagar falls under the Residential Class III Type - III land classification as per the guidelines.

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

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000, and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which office handles property registrations for Vijay Nagar?

The Villivakkam Sub Registrar Office handles property registrations for Vijay Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.