Guideline Value for VIP city

VIP city guideline value

The current guideline value of VIP city in Kolathur village is Rs 300 per sq.ft, effective from 1 July 2024. This area falls under the Sriperumpudur SRO and is classified as Residential Special Type - I.

How the guideline value of VIP city has changed

The guideline value for VIP city has seen several revisions over the years. The 2012 revision set the value at Rs 300 per sq.ft, which remained unchanged in the 2017 revision, where it was also Rs 300 per sq.ft. However, the 2017 revision marked a significant increase from the 2012 figure of Rs 300 per sq.ft to Rs 201 per sq.ft in 2017, reflecting a decrease of 33%. The value then increased by 49% to Rs 300 per sq.ft in the 2023 revision, and it remained the same in the 2024 revision, showing no change from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has remained constant at Rs 300 per sq.ft.

Guideline values in Kolathur

In Kolathur, there are 45 streets under the Sriperumpudur SRO with a 2024 guideline value ranging from Rs 100 to Rs 1,300 per sq.ft, with a median value of Rs 250 per sq.ft. The guideline value for VIP city is above this median.

• VIP Nagar: Rs 300 per sq.ft (2024)
• Vinayagar Koil Street: Rs 200 per sq.ft (2024)
• V.O.C Nagar: Rs 200 per sq.ft (2024)
• VGP Iswarya Nagar: Rs 400 per sq.ft (2024)
• Thiruvalluvar Salai: Rs 250 per sq.ft (2024)
• Tambaram Roja Nagar: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in VIP city

For a 1,000 sq.ft plot at the current guideline value of Rs 300 per sq.ft, the total guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, bringing the total cost to Rs 27,000. 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 details.

Which Sub Registrar Office covers VIP city?

The Sub Registrar Office that covers VIP city is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is considered to ensure that the transaction is in line with the prevailing market rates. This helps maintain transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value for VIP city?

The current guideline value for VIP city in Kolathur village is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 300 per sq.ft from 2012 to 2024, with a significant increase of 49% from Rs 201 per sq.ft in 2017 to Rs 300 per sq.ft in 2023.

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

For a property valued at Rs 3,00,000, the stamp duty would be Rs 21,000 and the registration fee would be Rs 6,000, totaling Rs 27,000.

Which office handles registrations for VIP city?

The Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone, handles registrations for VIP city.

How is the guideline value determined for properties in Kolathur?

The guideline value is determined based on various factors and is used as a benchmark during property transactions to calculate stamp duty and registration fees.