Guideline Value for Vijay Nagar

Vijay Nagar guideline value

The current guideline value of Vijay Nagar, located in Kodungaiyur village under the Madhavaram SRO, is Rs 2,700 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Vijay Nagar has changed

In the 2012 revision, the guideline value was set at Rs 2,500 per sq.ft. This represents an increase of 8% to the current value of Rs 2,700 per sq.ft in the 2024 revision. The revisions for the years 2023, 2017, 2007, 2003, and 2002 have no figures listed for this street.

This means that the most recent change in the guideline value for Vijay Nagar was from 2012 to 2024, marking a significant adjustment over the years. The lack of figures in the other revisions indicates that the guideline value has not been updated for this street in those years.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value is Rs 2,700 per sq.ft, which is the same as the current guideline value for Vijay Nagar.

• Vijay Street: Rs 2,700 per sq.ft (2024)
• Visalakshi 1st Street: Rs 2,200 per sq.ft (2024)
• Visalakshi Street: Rs 2,200 per sq.ft (2024)
• Vivekananda 1st Street: Rs 2,700 per sq.ft (2024)
• Vivekananda 2nd Street: Rs 2,700 per sq.ft (2024)
• Vivekanandar Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Vijay Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vijay Nagar?

The Vijay Nagar area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring compliance with legal requirements.

It is essential for buyers and sellers to be aware of the guideline value as it affects the financial aspects of the transaction. Accurate knowledge of the guideline value can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Vijay Nagar?

The current guideline value of Vijay Nagar is Rs 2,700 per sq.ft, as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,500 per sq.ft in 2012 to Rs 2,700 per sq.ft in 2024, which is an 8% increase. There are no figures available for the revisions in 2023, 2017, 2007, 2003, and 2002 for this street.

What is the land classification for Vijay Nagar?

Vijay Nagar is classified under Residential Class I Type - I. This classification indicates the type of development permissible in the area.

What are the stamp duty and registration fees for properties in Vijay Nagar?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Vijay Nagar?

The Madhavaram Sub Registrar Office handles registrations for Vijay Nagar. It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.