Guideline Value for Vigneswara Nagar

Vigneswara Nagar guideline value

The current guideline value of Vigneswara Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Varadarajapuram village, under the Padappai Sub Registrar Office (SRO). The land classification for this street is Residential Special Type - II.

How the guideline value of Vigneswara Nagar has changed

The guideline value for Vigneswara Nagar has seen several revisions over the years. In 2007, the value was Rs 120 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in 2012, marking a rise of 1,150%. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, which is a decline of 33%. The value then rose again to Rs 1,500 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 1,650 per sq.ft, a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 for this street in the register. Overall, from 2007 to 2024, the guideline value has increased by 1,275%.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 4,100 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which aligns with the guideline value of Vigneswara Nagar.

• Vijai Nagar: Rs 1,100 per sq.ft (2024)
• Vijaya Nagar: Rs 1,320 per sq.ft (2024)
• Vijay Nagar Extn: Rs 1,320 per sq.ft (2024)
• Vimal Nagar: Rs 1,650 per sq.ft (2024)
• Vetrivel Nagar Phase-II: Rs 2,960 per sq.ft (2024)
• Vetrivel Nagar Phase-I: Rs 2,960 per sq.ft (2024)

Stamp duty and registration fee for property in Vigneswara Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000. Together, the total cost would be Rs 1,48,500. 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 Vigneswara Nagar?

The Sub Registrar Office that covers Vigneswara Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a critical role during property transactions in Varadarajapuram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. It serves as a benchmark for the minimum value at which properties can be registered.

It is essential for buyers and sellers to be aware of the guideline value, as it directly impacts the overall cost of the transaction. The registration process requires adherence to these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Vigneswara Nagar?

The current guideline value of Vigneswara Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 120 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 1,275%.

What is the land classification for Vigneswara Nagar?

The land classification for Vigneswara Nagar is Residential Special Type - II, indicating its intended use for residential purposes.

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

The Padappai Sub Registrar Office covers Vigneswara Nagar and is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft at the current rate, the total guideline value would be Rs 16,50,000, leading to a total cost of Rs 1,48,500 for stamp duty and registration fees combined.