Guideline Value for Vasanth Nagar

Vasanth Nagar guideline value

The current guideline value of Vasanth Nagar, located in Pammathukulam village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Vasanth Nagar has changed

The guideline value for Vasanth Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 200 per sq.ft, which increased significantly to Rs 500 per sq.ft in the 2012 revision. However, the value decreased to Rs 335 per sq.ft in 2017, marking a 33% drop from the previous figure. The 2023 revision then raised the value to Rs 500 per sq.ft, and the most recent 2024 revision has set it at Rs 550 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 175%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Pammathukulam

Pammathukulam village has a total of 101 streets under the Redhills SRO, with guideline values ranging from Rs 330 to Rs 825 per sq.ft. The median guideline value for these streets is Rs 550 per sq.ft, which matches the current value for Vasanth Nagar.

• Varathammal Nagar: Rs 440 per sq.ft (2024)
• Varadhammal Nagar - II: Rs 660 per sq.ft (2024)
• Velan City: Rs 550 per sq.ft (2024)
• Velan City Annex: Rs 550 per sq.ft (2024)
• Velan City - II: Rs 440 per sq.ft (2024)
• Velan City - III: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Vasanth Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees together to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vasanth Nagar?

The Sub Registrar Office that covers Vasanth Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Pammathukulam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the legal and financial implications of the transaction. It is essential for buyers to be aware of the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Vasanth Nagar?

The current guideline value of Vasanth Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, reflecting an overall increase of 175% over this period.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 5,50,000. The stamp duty at 7% is Rs 38,500, and the registration fee at 2% is Rs 11,000, totaling Rs 49,500.

Which office handles property registrations for Vasanth Nagar?

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

What is the significance of the guideline value when buying property?

The guideline value is used to determine the minimum value for property registration, affecting the stamp duty and registration fees applicable to the transaction. It is essential for buyers to understand the guideline value to ensure compliance during the registration process.