Guideline Value for VIJAYALAKSHMI NAGAR

Vijayalakshmi Nagar guideline value

The current guideline value of Vijayalakshmi Nagar is Rs 1,840 per sq.ft, effective from 1 July 2024. This locality is situated in Kerugambakkam village under the Pammal SRO, and it falls under the Residential Class I Type - IV land classification.

How the guideline value of Vijayalakshmi Nagar has changed

In the 2017 revision, the guideline value was Rs 1,675 per sq.ft. This increased to Rs 2,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. However, in the 2024 revision, the guideline value decreased to Rs 1,840 per sq.ft, reflecting a decline of 26% from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 10%. This fluctuation in values indicates the changing landscape of property pricing in the area.

Guideline values in Kerugambakkam

Kerugambakkam village has 144 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 4,800 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, positioning Vijayalakshmi Nagar's 2024 figure below this median.

• Vigneshwara Nagar (ward 7): Rs 1,980 per sq.ft (2024)
• Vigneshwara Nagar (ward 6): Rs 1,980 per sq.ft (2024)
• Vignesh Nagar: Rs 1,980 per sq.ft (2024)
• V.G.N Pratish Avenue: Rs 2,860 per sq.ft (2024)
• V.G.N Nagar (ward 8): Rs 2,860 per sq.ft (2024)
• V.G.N Nagar (ward 4): Rs 2,860 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 1,840 per sq.ft, the total guideline value amounts to Rs 18,40,000. The stamp duty at 7% would be Rs 1,28,800, and the registration fee at 2% would be Rs 36,800, bringing the total to Rs 1,65,600. 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?

The Vijayalakshmi Nagar area falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, 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 Kerugambakkam

The guideline value plays a crucial role in the registration process of property transactions in Kerugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When buying or selling property, the guideline value will influence the stamp duty and registration fees that are applicable. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, impacting their overall financial planning.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar?

The current guideline value of Vijayalakshmi Nagar is Rs 1,840 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes: it was Rs 1,675 per sq.ft in 2017, increased to Rs 2,500 per sq.ft in 2023, and then decreased to Rs 1,840 per sq.ft in 2024.

What is the land classification of Vijayalakshmi Nagar?

Vijayalakshmi Nagar is classified as Residential Class I Type - IV, which indicates its suitability for residential development.

Where can I find the Pammal Sub Registrar Office?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Vijayalakshmi Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 18,40,000, the stamp duty would be Rs 1,28,800.