Guideline Value for VIJAYALAKSHMI NAGAR

Vijayalakshmi Nagar guideline value

The current guideline value of Vijayalakshmi Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class III Type - III.

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 figure is from 2002, where the guideline value was Rs 85 per sq.ft. This increased significantly to Rs 250 per sq.ft in 2007, marking a 194% rise. The value then surged to Rs 1,500 per sq.ft in 2012, reflecting a remarkable 500% increase. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, a drop of 33%. The most recent revision in 2024 set the guideline value at Rs 1,600 per sq.ft, which is a 59% increase from the 2017 figure.

There are no recorded figures for the years 2003 and 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1782%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, indicating that Vijayalakshmi Nagar's 2024 figure is below this median.

• Vijay Nagar: Rs 1,600 per sq.ft (2024)
• Vimal Nagar: Rs 1,600 per sq.ft (2024)
• Vinayagar Koil Street: Rs 1,600 per sq.ft (2024)
• Vinayagar Nagar: Rs 1,600 per sq.ft (2024)
• Vetri Nagar: Rs 2,900 per sq.ft (2024)
• Vivekananda Nagar Annex: Rs 3,300 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 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vijayalakshmi Nagar?

The Vijayalakshmi Nagar area falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When you register a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar?

The current guideline value of Vijayalakshmi Nagar is Rs 1,600 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 85 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 1782% over this period.

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

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 amount to Rs 1,44,000.

Which Sub Registrar Office covers Vijayalakshmi Nagar?

The Villivakkam Sub Registrar Office covers Vijayalakshmi Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the median guideline value for streets in Korattur?

The median guideline value for streets in Korattur is Rs 2,500 per sq.ft, which is higher than the current guideline value of Vijayalakshmi Nagar.