Guideline Value for Vegetarian Nagar

Vegetarian Nagar guideline value

The current guideline value of Vegetarian Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Puzhal village under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Vegetarian Nagar has changed

The guideline value for Vegetarian Nagar has undergone several revisions over the years. The earliest recorded revision in 2007 set the value at Rs 200 per sq.ft. This increased significantly to Rs 800 per sq.ft in 2012, marking a 300% rise. However, the value then decreased to Rs 536 per sq.ft in 2017, reflecting a decline of 33%. The guideline value further increased to Rs 1,000 per sq.ft in 2023, which was an 87% increase from the previous figure.

In the latest revision for 2024, the guideline value has risen to Rs 1,100 per sq.ft, which is a 10% increase from the 2023 figure. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Puzhal

In Puzhal, there are 270 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with the median value being Rs 1,102 per sq.ft. The guideline value for Vegetarian Nagar is below this median.

• Vegetarian Road: Rs 1,100 per sq.ft (2024)
• Varalakshmi Street: Rs 1,102 per sq.ft (2024)
• Vanitha Nagar: Rs 1,100 per sq.ft (2024)
• Valluvar Street: Rs 1,100 per sq.ft (2024)
• Vijai Nagar: Rs 1,650 per sq.ft (2024)
• Vijaya Garden: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vegetarian Nagar

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

Which Sub Registrar Office covers Vegetarian Nagar?

The Sub Registrar Office covering Vegetarian 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 Puzhal

The guideline value is a critical factor in the registration process when buying or selling property in Puzhal. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vegetarian Nagar?

The current guideline value of Vegetarian 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 changed from Rs 200 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 450% over the years.

What is the land classification of Vegetarian Nagar?

Vegetarian Nagar is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Vegetarian Nagar?

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

How are stamp duty and registration fees calculated in Vegetarian Nagar?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 99,000.