Guideline Value for VIJAYALAKSHMI NAGAR

Vijayalakshmi Nagar guideline value

The current guideline value of Vijayalakshmi Nagar is Rs 990 per sq.ft, effective from 1 July 2024. This area is located in Nandambakkam village and falls under the Padappai SRO with a land classification of Residential Special Type - I.

How the guideline value of Vijayalakshmi Nagar has changed

In the 2017 revision, the guideline value was set at Rs 603 per sq.ft. This figure increased significantly to Rs 900 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw another increase to Rs 990 per sq.ft, reflecting a 10% change 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 64%. This consistent rise indicates a notable change in the valuation of properties in Vijayalakshmi Nagar over the years.

Guideline values in Nandambakkam

In Nandambakkam, there are 94 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 2,300 per sq.ft. The median value for these streets is Rs 880 per sq.ft, placing Vijayalakshmi Nagar's 2024 figure above this median.

• Vigneswara Nagar: Rs 770 per sq.ft (2024)
• Vinayaga Nagar: Rs 440 per sq.ft (2024)
• Vetrimaran Nagar: Rs 670 per sq.ft (2024)
• Venkateswara Nagar Annexe: Rs 880 per sq.ft (2024)
• VLC Balaji Nagar: Rs 990 per sq.ft (2024)
• Venkateswara Nagar: Rs 880 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 990 per sq.ft, the total guideline value would be Rs 9,90,000. The stamp duty at 7% would amount to Rs 69,300, and the registration fee at 2% would be Rs 19,800, making the total fees Rs 89,100. 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 is covered by the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Nandambakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is in line with government regulations.

When buying or selling a property, the guideline value influences the stamp duty and registration fees that need to be paid. This value is essential for both buyers and sellers to understand, as it affects the overall cost of property transactions.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar?

The current guideline value of Vijayalakshmi Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 603 per sq.ft to Rs 990 per sq.ft in 2024, marking a total increase of 64% over this period.

What is the land classification for Vijayalakshmi Nagar?

Vijayalakshmi Nagar is classified as Residential Special Type - I, which indicates the type of development permitted in the area.

Where can I find the registration office for Vijayalakshmi Nagar?

The registration office for Vijayalakshmi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated in Vijayalakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a plot valued at Rs 9,90,000 would incur a stamp duty of Rs 69,300 at 7%.