Guideline Value for Victory Nagar

Victory Nagar guideline value

The current guideline value of Victory Nagar is Rs 700 per sq.ft, as per the 2023 revision. This area is located in Ponmar village under the Gooduvancheri SRO, classified as Residential Class I Type - I.

How the guideline value of Victory Nagar has changed

The guideline value for Victory Nagar has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 700 per sq.ft. However, in 2017, it decreased to Rs 469 per sq.ft, marking a decline of 33%. The most recent revision in 2023 saw a significant increase to Rs 700 per sq.ft, which is a 49% increase from the 2017 figure.

Overall, from the 2012 revision to the 2023 revision, the guideline value remains unchanged at Rs 700 per sq.ft. It is important to note that there are no figures available in the register for the years 2002, 2003, 2007, and 2024 for this street.

Guideline values in Ponmar

Victory Nagar is part of the Ponmar area, which is governed by the Gooduvancheri SRO. Currently, there are no specific guideline values provided for other streets in Ponmar.

Stamp duty and registration fee for property in Victory Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total cost for these fees to Rs 63,000. 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 detailed calculations.

Which Sub Registrar Office covers Victory Nagar?

The Sub Registrar Office that covers Victory Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

To find your specific SRO, you can visit find your SRO.

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

The guideline value is a critical factor in the registration process of property transactions in Ponmar. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the sale or purchase of a property.

When you register a property, the stamp duty is calculated 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 Victory Nagar?

The current guideline value of Victory Nagar is Rs 700 per sq.ft, as per the 2023 revision.

How has the guideline value changed over the years?

The guideline value changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, a decrease of 33%. It then increased back to Rs 700 per sq.ft in 2023, resulting in a 49% increase from the 2017 figure.

What are the stamp duty and registration fees for properties in Victory Nagar?

For a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000 and the registration fee would be Rs 14,000, totaling Rs 63,000. These fees are based on the guideline value.

Which office handles property registrations for Victory Nagar?

The Gooduvancheri Sub Registrar Office handles property registrations for Victory Nagar. It is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is the guideline value determined for property transactions?

The guideline value is determined by the Registration Department and is used as a basis for calculating stamp duty and registration fees during property transactions. It reflects the official value assigned to properties in a specific area.