Guideline Value for Vijai Nagar

Vijai Nagar guideline value

The current guideline value of Vijai Nagar, located in Puzhal village under the Redhills SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Vijai Nagar has changed

The guideline value for Vijai Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 650 per sq.ft. It then decreased to Rs 66 per sq.ft in 2003, followed by a significant increase to Rs 500 per sq.ft in 2007. The 2012 revision saw the value rise to Rs 1,500 per sq.ft, but it dropped to Rs 1,005 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,500 per sq.ft in 2023 and then to Rs 1,650 per sq.ft in 2024.

Between the revisions, notable changes include a 10% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 200% increase from 2007 to 2012, a dramatic 658% increase from 2003 to 2007, and a 90% decrease from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 154%.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value is Rs 1,102 per sq.ft, placing Vijai Nagar's rate above this median.

• Vijaya Garden: Rs 1,100 per sq.ft (2024)
• Vijaya Garden Annexe I: Rs 1,100 per sq.ft (2024)
• Vijaya Garden Annexe II: Rs 1,100 per sq.ft (2024)
• Vijiya Avenue: Rs 1,102 per sq.ft (2024)
• Vinayagar Koil Street: Rs 1,650 per sq.ft (2024)
• Vionayagar Koil Street: Rs 1,650 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 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to 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 accurate calculations based on your specific property details.

Which Sub Registrar Office covers Vijai Nagar?

The Sub Registrar Office that covers Vijai Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Puzhal. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During registration, the higher value between the guideline value and the sale price is considered for calculating duties. This ensures that the government receives the correct revenue based on the property's worth as defined by the guideline value.

Frequently asked questions

What is the current guideline value of Vijai Nagar?

The current guideline value of Vijai 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 from Rs 650 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, with various increases and decreases along the way.

What is the land classification for Vijai Nagar?

Vijai Nagar is classified as Residential Class I Type - I.

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

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500, and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

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

The Sub Registrar Office for Vijai Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.