Guideline Value for VIJAYALAKSHMI NAGAR

Vijayalakshmi Nagar guideline value

The current guideline value of Vijayalakshmi Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Venkatapuram village, under the Chengleput Joint II SRO, and is classified as Residential Special Type - I.

How the guideline value of Vijayalakshmi Nagar has changed

The guideline value for Vijayalakshmi Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 100 per sq.ft, which increased significantly to Rs 500 per sq.ft in 2012. However, it then decreased to Rs 335 per sq.ft in 2017, before rising again to Rs 500 per sq.ft in both 2023 and the latest 2024 revision. The register has no figure for this street in 2002 and 2003.

Between the revisions, the changes were notable. From 2007 to 2012, there was a substantial increase of 400%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, remaining stable at Rs 500 per sq.ft in 2024, which reflects a 400% increase overall from the 2007 figure.

Guideline values in Venkatapuram

In Venkatapuram, there are 29 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 400 to Rs 2,500 per sq.ft, with a median value of Rs 400 per sq.ft. The guideline value for Vijayalakshmi Nagar is above this median.

• Vedhathri Nagar: Rs 500 per sq.ft (2024)
• Vasantham Nagar: Rs 400 per sq.ft (2024)
• St.John Colony: Rs 400 per sq.ft (2024)
• Sri Lakshmi Narayana Nagar: Rs 400 per sq.ft (2024)
• Sathiya Narayana Nagar: Rs 400 per sq.ft (2024)
• Sapthagiri Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vijayalakshmi Nagar?

The Vijayalakshmi Nagar area falls under the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Venkatapuram. It serves as a benchmark for calculating the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the government receives the correct amount of revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar?

The current guideline value of Vijayalakshmi Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes: it was Rs 100 per sq.ft in 2007, increased to Rs 500 per sq.ft in 2012, dropped to Rs 335 per sq.ft in 2017, and returned to Rs 500 per sq.ft in both 2023 and 2024.

What is the land classification of Vijayalakshmi Nagar?

Vijayalakshmi Nagar is classified as Residential Special Type - I, indicating its suitability for residential purposes.

Where can I find the Chengleput Joint II SRO?

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

How is stamp duty calculated for properties in Vijayalakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000, leading to a stamp duty of Rs 35,000.