Guideline Value for VIP NAGAR

Vip Nagar guideline value

The current guideline value of Vip Nagar, located in Chengalpattu Natham village, is Rs 2,200 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Chengleput Joint II SRO and is classified as Residential Special Type - III.

How the guideline value of Vip Nagar has changed

The guideline value for Vip Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision has raised it further to Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

When examining the changes, from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 reflects a 10% increase, culminating in the current guideline value of Rs 2,200 per sq.ft.

Guideline values in Chengalpattu Natham

In Chengalpattu Natham, there are 88 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 5,500 per sq.ft, with the median being Rs 2,200 per sq.ft. Vip Nagar's current guideline value aligns with this median.

• V.O.C Street: Rs 3,850 per sq.ft (2024)
• V.P. Singh Nagar: Rs 1,100 per sq.ft (2024)
• Ward No -4: Rs 1,650 per sq.ft (2024)
• Writer Sabapathy Street Ward-4: Rs 1,650 per sq.ft (2024)
• Veerabathira Chetty Street- Ward-4: Rs 1,650 per sq.ft (2024)
• Vedhappar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vip Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 details.

Which Sub Registrar Office covers Vip Nagar?

Vip Nagar falls under the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Chengalpattu Natham

The guideline value is a crucial factor in property transactions, as it determines the amount of stamp duty and registration fees payable during the registration process. Buyers and sellers must ensure that the property is registered at the correct guideline value to comply with legal requirements.

When a property is sold, the guideline value serves as a reference point for assessing the transaction's legitimacy. If the sale price is higher than the guideline value, the stamp duty is calculated based on the sale price instead. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vip Nagar?

The current guideline value of Vip Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Vip Nagar?

Vip Nagar is classified as Residential Special Type - III, indicating its suitability for residential developments.

Where can I find the Chengleput Joint II Sub Registrar Office?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Vip Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at 7%.