Guideline Value for VIJAYALAKSHMI GARDEN

Vijayalakshmi Garden guideline value

The current guideline value of Vijayalakshmi Garden is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Uthandi village under the Neelankarai SRO and is classified as Residential Class III Type - I.

How the guideline value of Vijayalakshmi Garden has changed

The guideline value for Vijayalakshmi Garden has seen several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which then decreased to Rs 670 per sq.ft in the 2017 revision. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,000 per sq.ft, marking a 49% rise. The latest revision in 2024 has further increased the guideline value to Rs 1,100 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, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Uthandi

In Uthandi, there are 197 streets under the Neelankarai SRO that carry a 2024 guideline value. The values range from Rs 1,100 to Rs 14,700 per sq.ft, with a median value of Rs 1,700 per sq.ft. The guideline value for Vijayalakshmi Garden is below this median.

• Village High Road: Rs 1,100 per sq.ft (2024)
• V.G.P.Part III: Rs 5,500 per sq.ft (2024)
• V.G.P.Part II: Rs 5,500 per sq.ft (2024)
• V.G.P.Part I: Rs 5,500 per sq.ft (2024)
• V.G.P.Layout Part II Main Road: Rs 5,000 per sq.ft (2024)
• V.G.P.Layout Part II Cross Road: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty, charged at 7%, would be Rs 77,000, while the registration fee at 2% would be Rs 22,000, bringing the total cost for these fees to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vijayalakshmi Garden?

The Vijayalakshmi Garden area is covered by 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 Uthandi

The guideline value plays a crucial role in property transactions in Uthandi. It is the value set by the government for the purpose of calculating stamp duty and registration fees when a property is bought or sold. This value is essential for ensuring that the fees are calculated fairly and consistently across different properties.

When a buyer or seller engages in a property transaction, the guideline value helps determine the official valuation of the property, which is used during the registration process. This ensures that all parties are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Garden?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then increased to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification of Vijayalakshmi Garden?

Vijayalakshmi Garden is classified as Residential Class III Type - I.

How is stamp duty calculated for properties in Vijayalakshmi Garden?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 11,00,000 would incur a stamp duty of Rs 77,000 at a rate of 7%.

Where can I find the Neelankarai Sub Registrar Office?

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