Guideline Value for VIJAYALAKSHMI NAGAR (WARD-21)

Vijayalakshmi Nagar (Ward-21) guideline value

The current guideline value of Vijayalakshmi Nagar (Ward-21) is Rs 770 per sq.ft, effective from 1 July 2024. This area is located in Potheri village and falls under the Chengleput Joint II SRO. The land classification for this region is Residential Class I Type - III.

How the guideline value of Vijayalakshmi Nagar (Ward-21) has changed

The guideline value for Vijayalakshmi Nagar (Ward-21) has seen several revisions over the years. In the 2012 revision, the value was set at Rs 700 per sq.ft, which then decreased to Rs 469 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2023 revision, there was a significant increase of 49%, bringing the value up to Rs 700 per sq.ft. The most recent revision in 2024 has established the current rate at Rs 770 per sq.ft, reflecting a 10% increase from the previous year’s rate of Rs 700 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, comparing the 2012 and 2024 revisions, there has been a net increase of 10% in the guideline value. This shows a fluctuating trend in the value of properties in this area over the years.

Guideline values in Potheri

Potheri village has a total of 129 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 2,970 per sq.ft. The median guideline value for these streets is Rs 770 per sq.ft, which is equal to the current guideline value for Vijayalakshmi Nagar (Ward-21).

• Vijayalakshmi Nagar Vallancheri (Ward -1): Rs 770 per sq.ft (2024)
• Viknarajapuram Vallancheri (Ward -1): Rs 770 per sq.ft (2024)
• Vgp Mount Mary Town (Ward -1): Rs 1,100 per sq.ft (2024)
• Vishnupriya Priya Avenue Ninnakarai: Rs 1,651 per sq.ft (2024)
• Vivekananthar Street (Ward-21): Rs 660 per sq.ft (2024)
• Venkateswara Nagar (Val): Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi Nagar (Ward-21)

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value amounts to Rs 7,70,000. The stamp duty, charged at 7%, would be Rs 53,900, while the registration fee at 2% would be Rs 15,400. Together, the total cost for stamp duty and registration fee would be Rs 69,300. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vijayalakshmi Nagar (Ward-21)?

The Sub Registrar Office that covers Vijayalakshmi Nagar (Ward-21) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Potheri. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction. This ensures that both the buyer and seller are aware of the official valuation of the property.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This system helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar (Ward-21)?

The current guideline value of Vijayalakshmi Nagar (Ward-21) is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then increased to Rs 700 per sq.ft in 2023, and finally to Rs 770 per sq.ft in 2024.

What is the land classification for Vijayalakshmi Nagar (Ward-21)?

The land classification for Vijayalakshmi Nagar (Ward-21) is Residential Class I Type - III.

What are the stamp duty and registration fees for property in Vijayalakshmi Nagar (Ward-21)?

For a property valued at Rs 7,70,000, the stamp duty is Rs 53,900 and the registration fee is Rs 15,400, totaling Rs 69,300.

Where is the Chengleput Joint II Sub Registrar Office located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.