Guideline Value for VIMAL NAGAR

Vimal Nagar guideline value

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

How the guideline value of Vimal Nagar has changed

The guideline value for Vimal Nagar has seen significant changes over the years. Starting from Rs 98 per sq.ft in 2002, it rose to Rs 250 per sq.ft in 2007, marking an increase of 155%. By 2012, the value further increased to Rs 1,500 per sq.ft, reflecting a substantial jump of 500%. However, in 2017, the value decreased to Rs 1,005 per sq.ft, a drop of 33%. The most recent revision in 2024 has set the guideline value at Rs 1,600 per sq.ft, which is an increase of 59% from the 2017 figure.

It is important to note that there are no figures available for the years 2003 and 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 1533%.

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, with a median value of Rs 2,500 per sq.ft. The guideline value for Vimal Nagar is below this median.

• Vinayagar Koil Street: Rs 1,600 per sq.ft (2024)
• Vijay Nagar: Rs 1,600 per sq.ft (2024)
• Vinayagar Nagar: Rs 1,600 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 1,600 per sq.ft (2024)
• Vivekananda Nagar Annex: Rs 3,300 per sq.ft (2024)
• Vivekananda Nagar Annex III: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vimal 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, charged at 7%, would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total costs together 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vimal Nagar?

The Villivakkam Sub Registrar Office covers Vimal Nagar. The office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the 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 is a crucial factor in property transactions in Korattur, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to ensure that the sale price meets or exceeds the guideline value to avoid potential legal issues. This value serves as a benchmark for transactions, ensuring transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Vimal Nagar?

The current guideline value of Vimal 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 98 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, with various increases and decreases along the way.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

What is the stamp duty rate for properties in Vimal Nagar?

The stamp duty rate for properties in Vimal Nagar is 7% of the guideline value or sale price, whichever is higher.

Are there other streets in Korattur with the same guideline value?

Yes, there are several other streets in Korattur that have the same guideline value of Rs 1,600 per sq.ft as Vimal Nagar, including Vinayagar Koil Street, Vijay Nagar, Vinayagar Nagar, and Vijayalakshmi Nagar.