Guideline Value for VIP Nagar

VIP Nagar guideline value

The current guideline value of VIP Nagar in Karanodai village is Rs 440 per sq.ft, effective from 1 July 2024. This area falls under the Redhills Sub Registrar Office (SRO) and is classified as Residential Class III Type - I.

How the guideline value of VIP Nagar has changed

The guideline value for VIP Nagar has undergone several revisions over the years. In 2007, the value was Rs 200 per sq.ft, which increased to Rs 400 per sq.ft in 2012. However, it then decreased to Rs 268 per sq.ft in 2017. The 2023 revision saw a significant increase to Rs 400 per sq.ft, followed by a further rise to Rs 440 per sq.ft in 2024. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, there was a notable increase of 49%, while the jump from 2023 to 2024 was 10%. The overall change from 2007 to 2024 represents a total increase of 120% in the guideline value.

Guideline values in Karanodai

Karanodai village features 38 streets under the Redhills SRO, with guideline values ranging from Rs 440 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 1,210 per sq.ft, placing VIP Nagar's 2024 figure below that median.

• Vigneshwar Nagar: Rs 1,210 per sq.ft (2024)
• Venkateshwara Nagar: Rs 550 per sq.ft (2024)
• Throwbathi Amman Koil Street: Rs 1,210 per sq.ft (2024)
• Thirukkulamedu: Rs 440 per sq.ft (2024)
• Sri Sai Nagar: Rs 1,210 per sq.ft (2024)
• Sri Krishna Nagar Annex-III: Rs 440 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 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, while the registration fee at 2% would be Rs 8,800, bringing the total fees to Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers VIP Nagar?

VIP Nagar is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Karanodai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property transaction occurs, the guideline value is compared to the sale price. The higher of the two values is used as the basis for calculating the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of VIP Nagar?

The current guideline value of VIP Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value of VIP Nagar changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 440 per sq.ft in 2024, with various revisions in between, including a drop to Rs 268 per sq.ft in 2017.

What is the median guideline value in Karanodai?

The median guideline value for the 38 streets in Karanodai is Rs 1,210 per sq.ft, with VIP Nagar's value being below this median.

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

For a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 and the registration fee would be Rs 8,800, totaling Rs 39,600.

Which office handles registrations for VIP Nagar?

The Redhills Sub Registrar Office handles registrations for VIP Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.