Guideline Value for Vasa nagar

Vasa nagar guideline value

The current guideline value of Vasa nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Thirumazhisai village under the Poonamallee SRO, classified as Residential Special Type - I.

How the guideline value of Vasa nagar has changed

The guideline value for Vasa nagar has seen significant changes over the years. Starting from Rs 74 per sq.ft in 2002, it rose to Rs 89 per sq.ft in 2003, marking a 20% increase. The value continued to increase to Rs 150 per sq.ft in 2007, reflecting a 69% rise. By 2012, the guideline value reached Rs 1,000 per sq.ft, showing a substantial increase of 567% from the previous revision. However, it decreased to Rs 670 per sq.ft in 2017, a decline of 33%.

From 2017 to 2023, the guideline value surged to Rs 1,000 per sq.ft, marking a 49% increase. The latest revision in 2024 set the value at Rs 1,100 per sq.ft, a 10% increase from the previous year. There are no figures available for revisions in years other than those specified.

Guideline values in Thirumazhisai

In Thirumazhisai, there are 86 streets under the Poonamallee SRO, with the 2024 guideline values ranging from Rs 730 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 1,320 per sq.ft, placing Vasa nagar's 2024 figure below that median.

• Veetrirundha perumal koil street: Rs 1,100 per sq.ft (2024)
• Vaithee Nagar: Rs 1,320 per sq.ft (2024)
• Venkateswara nagar: Rs 1,100 per sq.ft (2024)
• Venus Avenue: Rs 1,100 per sq.ft (2024)
• Venus nagar: Rs 1,100 per sq.ft (2024)
• Venus nagar verivakkam: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vasa nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty is charged at 7%, which equals Rs 77,000, and the registration fee is 2%, amounting to Rs 22,000. Together, the total fees would be Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vasa nagar?

The Sub Registrar Office that covers Vasa nagar 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 Thirumazhisai

The guideline value is a crucial factor in the registration of property transactions in Thirumazhisai. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures that all transactions are conducted fairly and according to the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Vasa nagar?

The current guideline value of Vasa nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 74 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, showing an overall increase of 1386% over the years.

What is the classification of land in Vasa nagar?

The land classification for Vasa nagar is Residential Special Type - I, indicating its designated use for residential purposes.

Where can I find the Sub Registrar Office for Vasa nagar?

The Sub Registrar Office for Vasa nagar is located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

How is the stamp duty calculated for property in Vasa nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 11,00,000, the stamp duty at 7% would be Rs 77,000.