Guideline Value for Vigneshwar Nagar

Vigneshwar Nagar guideline value

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

How the guideline value of Vigneshwar Nagar has changed

The guideline value for Vigneshwar Nagar has seen several revisions over the years. In the 2003 revision, the guideline value was Rs 148 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2007. Following this, the value surged to Rs 3,000 per sq.ft in 2012, but then dropped to Rs 2,010 per sq.ft in the 2017 revision. The value recovered to Rs 3,000 per sq.ft in 2023, and finally reached Rs 3,300 per sq.ft in the 2024 revision. The register has no figure for this street in 2002.

Examining the changes, we see that from 2003 to 2007, the value increased by 305%. From 2007 to 2012, there was a remarkable increase of 400%. However, from 2012 to 2017, the value decreased by 33%. The value then rose by 49% from 2017 to 2023, and finally increased by 10% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 2130%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the 2024 guideline value of Vigneshwar Nagar.

• Vignesh Nagar Extn.: Rs 3,300 per sq.ft (2024)
• Vignesh 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 Vigneshwar 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 charges to Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vigneshwar Nagar?

The Sub Registrar Office that covers Vigneshwar Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the 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 plays a crucial role during the registration of property transactions in Zaminpallavaram. 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, both the buyer and seller must consider the guideline value to avoid discrepancies during registration. It is essential to ensure that the sale price is not lower than the guideline value to comply with legal requirements.

Frequently asked questions

What is the current guideline value of Vigneshwar Nagar?

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

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, increasing from Rs 148 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 2130%.

What is the land classification of Vigneshwar Nagar?

Vigneshwar Nagar is classified as Residential Class I Type - II, indicating its suitability for residential development.

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

The Pallavaram Sub Registrar Office covers Vigneshwar Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in Vigneshwar Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.