Guideline Value for VIJAYALAKSHMI NAGAR-PHAS-II

Vijayalakshmi Nagar-Phas-II guideline value

The current guideline value of Vijayalakshmi Nagar-Phas-II is Rs 100 per sq.ft. This area is located in Meyur village, under the Oothukkottai SRO, and is classified as Residential Class I Type - I.

How the guideline value of Vijayalakshmi Nagar-Phas-II has changed

In the 2012 revision, the guideline value was set at Rs 80 per sq.ft. This value decreased to Rs 54 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 85%, bringing the value back to Rs 100 per sq.ft. The 2024 revision also maintains this value at Rs 100 per sq.ft, indicating no change from the previous year.

The register does not have figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 25%.

Guideline values in Meyur

In Meyur, there are 12 streets under the Oothukkottai SRO that have a guideline value for 2024, ranging from Rs 100 to Rs 150 per sq.ft. The median value for these streets is Rs 100 per sq.ft, which is equal to the guideline value of Vijayalakshmi Nagar-Phas-II.

• Vijayalakshmi Nagar -Ext: Rs 100 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 100 per sq.ft (2024)
• Vijay 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 Vijayalakshmi Nagar-Phas-II

For a 1,000 sq.ft plot at the current rate of Rs 100 per sq.ft, the 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, totaling Rs 9,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vijayalakshmi Nagar-Phas-II?

The Vijayalakshmi Nagar-Phas-II falls under the Oothukkottai Sub Registrar Office, located near the government hospital in Uthukottai, 602026, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an important factor during property registration in Meyur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps determine the minimum sale price for registration purposes. This ensures transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar-Phas-II?

The current guideline value of Vijayalakshmi Nagar-Phas-II is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen changes from Rs 80 per sq.ft in 2012 to Rs 54 per sq.ft in 2017, then rising to Rs 100 per sq.ft in 2023 and remaining the same in 2024.

What is the land classification of Vijayalakshmi Nagar-Phas-II?

Vijayalakshmi Nagar-Phas-II is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would be Rs 9,000.

Which office handles registrations for Vijayalakshmi Nagar-Phas-II?

The Oothukkottai Sub Registrar Office handles registrations for Vijayalakshmi Nagar-Phas-II. It is located near the government hospital in Uthukottai, 602026, Chennai.