Guideline Value for VIJAYALAKSHMI NAGAR

Vijayalakshmi Nagar guideline value

The current guideline value of Vijayalakshmi Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Nanmangalam village, under the Pallavaram SRO, and is classified as Mixed Type - II land.

How the guideline value of Vijayalakshmi Nagar has changed

The guideline value for Vijayalakshmi Nagar has undergone several revisions over the years. The earliest recorded value was Rs 300 per sq.ft in 2007, which saw a significant increase to Rs 3,000 per sq.ft in 2012, marking a rise of 900%. However, this value decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The value then increased dramatically to Rs 3,000 per sq.ft in 2023, followed by a further rise to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase.

Between the 2017 revision and the 2023 revision, the value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 1000%. Notably, there are no recorded figures for the years 2002 and 2003 for this street.

Guideline values in Nanmangalam

Nanmangalam village has 139 streets under the Pallavaram SRO with the 2024 guideline values ranging from Rs 1,960 to Rs 3,850 per sq.ft. The median value is Rs 2,750 per sq.ft, placing Vijayalakshmi Nagar's 2024 figure above this median.

• Vigneswara Avenue: Rs 1,980 per sq.ft (2024)
• Vignesh Nagar: Rs 2,750 per sq.ft (2024)
• Vidhiyalingam Nagar: Rs 2,750 per sq.ft (2024)
• Visuvasan Street: Rs 2,750 per sq.ft (2024)
• Vivekanadha Street: Rs 1,980 per sq.ft (2024)
• Veerapandi Nagar 1 To 8 Streets: Rs 1,960 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, charged at 7%, would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can calculate your own fees using our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vijayalakshmi Nagar?

The Sub Registrar Office that covers Vijayalakshmi Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Nanmangalam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the current guideline value, as it impacts the overall cost of the transaction. Ensuring that the property is registered at or above the guideline value helps maintain transparency and legality in property dealings.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar?

The current guideline value of Vijayalakshmi Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 300 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1000% over the years.

What is the median guideline value in Nanmangalam?

The median guideline value in Nanmangalam is Rs 2,750 per sq.ft, with Vijayalakshmi Nagar's current value being above this median.

What are the stamp duty and registration fees for properties in Vijayalakshmi Nagar?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Vijayalakshmi Nagar located?

The Sub Registrar Office for Vijayalakshmi Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.