Guideline Value for VIP NAGAR

Vip Nagar guideline value

The current guideline value for Vip Nagar, located in Karunilam village, is Rs 700 per sq.ft. This value is effective from 1 July 2024 and falls under the Chengleput Joint II SRO. The land classification for this area is Residential Special Type - I.

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 700 per sq.ft, which remained unchanged in the 2023 revision. However, from 2017, where the value was Rs 469 per sq.ft, there was a significant increase of 49% to reach the 2023 figure. The register has no figures available for the years 2002, 2003, and 2007.

In the 2024 revision, the guideline value remains at Rs 700 per sq.ft, showing no change from the previous year. Overall, comparing the 2012 and 2024 revisions, the guideline value has not changed, remaining at Rs 700 per sq.ft.

Guideline values in Karunilam

In Karunilam, there are 35 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 1,200 per sq.ft, with a median value of Rs 501 per sq.ft. The guideline value for Vip Nagar is above this median.

• Veera Dharani Nagar: Rs 700 per sq.ft (2024)
• Value Nagar: Rs 400 per sq.ft (2024)
• Sri Sathiya Sai Nagar Phase- 4: Rs 600 per sq.ft (2024)
• Sri Ram Nagar Extn -II: Rs 500 per sq.ft (2024)
• Sri Ram Nagar Extn -I: Rs 500 per sq.ft (2024)
• Sri Ram Nagar: Rs 500 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 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total fees to Rs 63,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Vip Nagar?

The Sub Registrar Office that covers Vip Nagar is 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Karunilam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with the legal requirements of property registration.

When a property is sold, the guideline value is compared to the sale price. The higher of the two figures is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Vip Nagar?

The current guideline value of Vip Nagar is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 700 per sq.ft from 2012 to 2024, while it increased from Rs 469 per sq.ft in 2017 to Rs 700 per sq.ft in 2023, marking a 49% increase.

What is the land classification of Vip Nagar?

Vip Nagar is classified as Residential Special Type - I, indicating its designation for residential purposes within the area.

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

For a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000, and the registration fee would be Rs 14,000, totaling Rs 63,000. These fees are based on the guideline value.

Which office handles registrations for Vip Nagar?

The Chengleput Joint II Sub Registrar Office handles registrations for Vip Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.