Guideline Value for VPS Avenue

VPS Avenue guideline value

The current guideline value of VPS Avenue in Poonthamallee village, under the Poonamallee SRO, is Rs 2,200 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of VPS Avenue has changed

The guideline value for VPS Avenue has seen several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a 400% rise. However, this value decreased to Rs 1,340 per sq.ft in 2017, reflecting a 33% decline. The subsequent revision in 2023 brought the value back up to Rs 2,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,200 per sq.ft, a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 450%. It is important to note that the register has no figures for VPS Avenue for the years 2002 and 2003.

Guideline values in Poonthamallee

In Poonthamallee, there are 257 streets under the Poonamallee SRO carrying a 2024 guideline value ranging from Rs 1,980 to Rs 4,950 per sq.ft, with the median value being Rs 2,200 per sq.ft. VPS Avenue's 2024 figure matches this median.

• VPR Avenue: Rs 2,200 per sq.ft (2024)
• VPV Avenue: Rs 2,200 per sq.ft (2024)
• Yadavar street: Rs 2,200 per sq.ft (2024)
• Yogalakshmi nagar: Rs 2,200 per sq.ft (2024)
• Yogavalli nagar: Rs 2,200 per sq.ft (2024)
• Viswanathan nagar MS: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in VPS Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty, charged at 7%, would amount to Rs 1,54,000, and 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 the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers VPS Avenue?

The Sub Registrar Office that covers VPS Avenue is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more information.

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

When buying or selling property in Poonthamallee, the guideline value plays a crucial role in determining the stamp duty and registration fees. This value is used by the registration office to ascertain the amount payable during the registration process.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. The guideline value ensures that the property is assessed fairly for the purpose of taxation and registration.

Frequently asked questions

What is the current guideline value of VPS Avenue?

The current guideline value of VPS Avenue 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 400 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 450% over the years.

What are the stamp duty rates in VPS Avenue?

The stamp duty rate for property in VPS Avenue is 7% of the guideline value or sale price, whichever is higher.

Which office handles registrations for VPS Avenue?

The Poonamallee Sub Registrar Office handles registrations for VPS Avenue, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

What is the land classification for VPS Avenue?

The land classification for VPS Avenue is Residential Class II Type - I, indicating its suitability for residential development.