Guideline Value for Vignesh Nagar Phase I & II

Vignesh Nagar Phase I & II guideline value

The current guideline value of Vignesh Nagar Phase I & II is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is located in Nolambur village, under the Villivakkam SRO, and is classified as Residential Special Type - I.

How the guideline value of Vignesh Nagar Phase I & II has changed

The guideline value for Vignesh Nagar Phase I & II has seen significant changes over the years. The 2017 revision set the value at Rs 4,355 per sq.ft, which increased to Rs 6,500 per sq.ft in the 2023 revision. The latest 2024 revision has further raised this value to Rs 7,100 per sq.ft, marking a 9% increase from the previous year and a 49% increase from 2017 to 2023.

Overall, from 2017 to 2024, the guideline value has risen by 63%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in 1. Nolambur

In 1. Nolambur, there are 73 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value is Rs 7,100 per sq.ft, which is the same as the guideline value for Vignesh Nagar Phase I & II. Below are some other streets in 1. Nolambur:

• Vignesh Nagar: Rs 7,100 per sq.ft (2024)
• V.G.N.Zodiac Ville: Rs 7,100 per sq.ft (2024)
• V.G.N Nagar Phase I,II,III: Rs 7,100 per sq.ft (2024)
• V.G.N Nagar Phase I: Rs 7,100 per sq.ft (2024)
• V.G.N. Monte Carlo: Rs 7,100 per sq.ft (2024)
• V.G.N Minaurva: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vignesh Nagar Phase I & II

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. 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 details.

Which Sub Registrar Office covers Vignesh Nagar Phase I & II?

The Sub Registrar Office that covers Vignesh Nagar Phase I & II is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

How the guideline value is used when you buy or sell in 1. Nolambur

The guideline value is a crucial factor in the registration process when buying or selling property in 1. Nolambur. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these are calculated fairly based on the established rates.

When a property transaction occurs, the guideline value helps in assessing the official value of the property, which is used to calculate the applicable taxes and fees. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value for Vignesh Nagar Phase I & II?

The current guideline value for Vignesh Nagar Phase I & II is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 4,355 per sq.ft in 2017 to Rs 7,100 per sq.ft in 2024, reflecting a total increase of 63% over this period.

What is the land classification for Vignesh Nagar Phase I & II?

Vignesh Nagar Phase I & II is classified as Residential Special Type - I, indicating its designated use for residential purposes.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 71,00,000 would incur a stamp duty of Rs 4,97,000 at a rate of 7%.