Guideline Value for Vijay Nagar

Vijay Nagar guideline value

The current guideline value of Vijay Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Vijay Nagar has changed

The guideline value for Vijay Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft. The most recent revision in 2024 increased this to Rs 1,300 per sq.ft, marking an increase of 8% from the previous figure.

It is important to note that the guideline value register does not contain figures for the years 2002, 2003, 2007, 2017, and 2023 for this street. Therefore, only the revisions from 2012 and 2024 are available for reference.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a guideline value for 2024 ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Vijay Nagar is below this median.

• Vijay Nagar Main Rd (Ward No.5): Rs 1,300 per sq.ft (2024)
• Vijay Nagar Road 2nd Main Rd (Ward No.5): Rs 1,300 per sq.ft (2024)
• Vijay Nagar (Ward-05): Rs 1,300 per sq.ft (2024)
• Villivakkam Road: Rs 1,600 per sq.ft (2024)
• Villivakkam Road, Lakshmipuram (Ward-26): Rs 1,600 per sq.ft (2024)
• Vijayalakshmi Complex (Periya Sekkadu): Rs 1,300 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 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed 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 information.

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

The guideline value serves as a benchmark for property transactions in Madhavaram. It is used to determine the stamp duty and registration fees applicable during the sale or purchase of property in the area.

When you register a property, the guideline value is considered to ensure that the transaction is recorded at a fair value. This helps in maintaining transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value for Vijay Nagar?

The current guideline value for Vijay Nagar is Rs 1,300 per sq.ft as per the 2024 revision effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, representing an 8% increase. There are no figures available for the years 2002, 2003, 2007, 2017, and 2023 for this street.

What is the land classification for Vijay Nagar?

Vijay Nagar falls under the Residential Class III Type - I land classification. This classification is important for understanding the intended use of the land.

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

For a 1,000 sq.ft plot at the current guideline value, the total fees would be Rs 1,17,000, which includes stamp duty and registration fees. The duty is charged on the higher of the guideline value or the sale price.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of property transactions in the Vijay Nagar area.