Guideline Value for Vijay Nagar

Vijay Nagar guideline value

The current guideline value of Vijay Nagar, located in Vilangadupakkam village under the Redhills SRO, is Rs 440 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Vijay Nagar has changed

The guideline value of Vijay Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 200 per sq.ft, which increased to Rs 400 per sq.ft in 2012. However, it then dropped to Rs 268 per sq.ft in 2017, before rising significantly to Rs 400 per sq.ft in 2023. The most recent revision in 2024 has brought the value to Rs 440 per sq.ft, marking a 10% increase from the previous year.

From the 2017 revision to 2023, there was a notable increase of 49%. The value saw a drastic decline of 33% from 2012 to 2017, while it doubled from Rs 200 per sq.ft in 2007 to Rs 400 per sq.ft in 2012. Overall, from 2007 to 2024, the guideline value has increased by 120%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vilangadupakkam

In Vilangadupakkam, there are 160 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 365 to Rs 1,792 per sq.ft. The median value is Rs 440 per sq.ft, which is equal to the guideline value of Vijay Nagar. Below are the guideline values for other streets in Vilangadupakkam:

• Vigneshwara Nagar Annex: Rs 770 per sq.ft (2024)
• Vishnu Nagar: Rs 440 per sq.ft (2024)
• Viswagayathri Nagar: Rs 440 per sq.ft (2024)
• Vivek Nagar Annex: Rs 440 per sq.ft (2024)
• Vivek Nagar Annex I: Rs 550 per sq.ft (2024)
• Vellalar Veethi: Rs 550 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 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total to Rs 39,600. 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 Vijay Nagar?

The Vijay Nagar area falls under the jurisdiction of 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 Vilangadupakkam

The guideline value is an essential factor during the registration of property transactions in Vilangadupakkam. It serves as the baseline for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps establish a fair assessment of the property’s worth, which is crucial for both buyers and sellers. It is advisable to check the latest guideline values to make informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Vijay Nagar?

The current guideline value of Vijay Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 440 per sq.ft in 2024, with various increases and decreases in between, including a 10% increase from 2023 to 2024.

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 stamp duty would be Rs 30,800, and the registration fee would be Rs 8,800, totaling Rs 39,600.

Which Sub Registrar Office covers Vijay Nagar?

The Redhills Sub Registrar Office covers Vijay Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification of Vijay Nagar?

Vijay Nagar is classified as Residential Class III Type - I, indicating its suitability for residential development.