Guideline Value for VIMALA NAGAR

Vimala Nagar guideline value

The current guideline value of Vimala Nagar, located in Pallikaranai village, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Special Type - I.

How the guideline value of Vimala Nagar has changed

The guideline value for Vimala Nagar has seen significant changes over the years. In 2002, the value was Rs 144 per sq.ft, which increased to Rs 170 per sq.ft in 2003. By 2007, the value rose sharply to Rs 400 per sq.ft, reflecting a substantial increase of 135%. The 2012 revision saw the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the previous figure. In 2017, the value again increased to Rs 1,675 per sq.ft, marking a 49% rise. The 2023 revision set the value at Rs 2,500 per sq.ft, before the latest increase to Rs 2,750 per sq.ft in 2024, which is a 10% rise.

Overall, from 2002 to 2024, the guideline value has increased by 1,810%. There are no figures available for revisions in years other than those specified.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Vimala Nagar's 2024 value above this median.

• Vivekananda Cross Street: Rs 1,320 per sq.ft (2024)
• VIVEKANANDA NAGAR 10th MAIN ROAD: Rs 1,320 per sq.ft (2024)
• VIVEKANANDA NAGAR 11th MAIN ROAD: Rs 1,320 per sq.ft (2024)
• VIVEKANANDA NAGAR 12th MAIN ROAD: Rs 1,320 per sq.ft (2024)
• Vivekananda Nagar 2nd Main Road: Rs 1,320 per sq.ft (2024)
• VIVEKANANDA NAGAR 3rd MAIN ROAD: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Vimala Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total costs together to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Vimala Nagar?

The Sub Registrar Office that covers Vimala Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be sold or bought, ensuring that the transaction is recorded at a fair price according to the local government standards.

When you buy or sell property, the guideline value will influence the stamp duty and registration fees. These fees are calculated based on the guideline value or the actual sale price, whichever is higher, thereby impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Vimala Nagar?

The current guideline value of Vimala Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 144 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1,810% over this period.

What is the classification of land in Vimala Nagar?

The land in Vimala Nagar is classified as Residential Special Type - I.

What are the stamp duty and registration fees for property in Vimala Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 27,50,000, the total stamp duty and registration fees would amount to Rs 2,47,500.

Which office handles property registrations in Vimala Nagar?

The Chennai South Joint I Sub Registrar Office handles property registrations for Vimala Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.