Guideline Value for Vijai Nagar

Vijai Nagar guideline value

The current guideline value of Vijai Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Vijai Nagar has changed

The guideline value for Vijai Nagar has seen several revisions over the years. In 2007, the value was Rs 120 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012. However, this figure dropped to Rs 670 per sq.ft in 2017. The most recent revision in 2023 set the value at Rs 1,000 per sq.ft, which was then raised to Rs 1,100 per sq.ft in 2024, marking a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. The change from 2012 to 2017 was a decrease of 33%, while the jump from 2007 to 2012 was a remarkable 733%. Overall, from 2007 to 2024, the guideline value has increased by 817%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO, with guideline values for 2024 ranging from Rs 880 to Rs 4,100 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Vijai Nagar's current guideline value below that median.

• Vigneswara Nagar: Rs 1,650 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 Vijai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. 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 information on these costs.

Which Sub Registrar Office covers Vijai Nagar?

The Sub Registrar Office that covers Vijai 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 details.

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

The guideline value is a crucial factor in property transactions in Varadarajapuram, as it determines the minimum value at which property can be registered. When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher.

This ensures that the government receives appropriate revenue from property transactions. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vijai Nagar?

The current guideline value of Vijai Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 120 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 817% since 2007.

What are the stamp duty and registration fees for property in Vijai Nagar?

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which office handles property registration for Vijai Nagar?

The Padappai Sub Registrar Office handles property registrations for Vijai Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the significance of the guideline value in property transactions?

The guideline value serves as the minimum value for property registration and is used to calculate stamp duty and registration fees during property transactions in Varadarajapuram.