Guideline Value for Vignesh Nagar

Vignesh Nagar guideline value

The current guideline value of Vignesh Nagar, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - II land classification.

How the guideline value of Vignesh Nagar has changed

The guideline value for Vignesh Nagar has seen several revisions over the years. Starting from Rs 148 per sq.ft in 2003, it increased significantly to Rs 600 per sq.ft in 2007, marking a 305% rise. The value then jumped to Rs 3,000 per sq.ft in 2012, reflecting a 400% increase from the previous revision. However, it decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, followed by a current value of Rs 3,300 per sq.ft in 2024, representing a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 2130%. It is important to note that the register has no figure for this street in 2002.

Guideline values in Zaminpallavaram

Zaminpallavaram village comprises 638 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which matches the current guideline value for Vignesh Nagar.

• Vignesh Nagar Extn.: Rs 3,300 per sq.ft (2024)
• Vigneshwar Nagar: Rs 3,300 per sq.ft (2024)
• Visalakshmi Nagar: Rs 3,300 per sq.ft (2024)
• Vishveshvaran Street: Rs 3,520 per sq.ft (2024)
• Viswanathan Cross Street: Rs 3,520 per sq.ft (2024)
• Viswanathan Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Vignesh Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Please 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 detailed calculations.

Which Sub Registrar Office covers Vignesh Nagar?

The Sub Registrar Office covering Vignesh Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Zaminpallavaram. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these charges are based on a standardized valuation.

During the registration process, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives due revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vignesh Nagar?

The current guideline value of Vignesh Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 148 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting significant changes across various revisions.

What is the land classification for Vignesh Nagar?

Vignesh Nagar falls under the Residential Class I Type - II land classification.

Where is the Sub Registrar Office for Vignesh Nagar located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for properties in Vignesh 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 33,00,000, the stamp duty at 7% would be Rs 2,31,000.