Guideline Value for Vijaya Garden

Vijaya Garden guideline value

The current guideline value of Vijaya Garden, located in Nallur village under the Redhills SRO, is Rs 440 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Vijaya Garden has changed

The guideline value for Vijaya Garden has seen several changes over the years. Starting from Rs 141 per sq.ft in 2002, it increased to Rs 16 per sq.ft in 2003, followed by a significant rise to Rs 200 per sq.ft in 2007. The value then jumped to Rs 400 per sq.ft in 2012, but saw a decrease to Rs 268 per sq.ft in 2017. The value rose again to Rs 400 per sq.ft in 2023 before reaching the current figure of Rs 440 per sq.ft in 2024.

The changes between these revisions include a remarkable increase of 1150% from 2003 to 2007, a 100% increase from 2007 to 2012, and a decrease of 33% from 2012 to 2017. From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, it has risen by 10%. Overall, from 2002 to 2024, the guideline value has increased by 212%.

Guideline values in Nallur

In Nallur, there are 39 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,650 per sq.ft, with a median value of Rs 550 per sq.ft. Vijaya Garden's current guideline value is below this median.

• Vijayalakshmi Nagar: Rs 440 per sq.ft (2024)
• 7 Hills Garden: Rs 770 per sq.ft (2024)
• Varalakshmi Nagar: Rs 440 per sq.ft (2024)
• Sri Anandavalli Street: Rs 770 per sq.ft (2024)
• Sharmila Diya Garden: Rs 440 per sq.ft (2024)
• Selva Vinayagar Koil 2nd Cross Street: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Vijaya Garden

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, resulting in a total of Rs 39,600. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vijaya Garden?

The Sub Registrar Office that covers Vijaya Garden 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 details.

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

The guideline value plays a crucial role during property registration in Nallur. When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees that need to be paid to the government. This ensures that the transaction is recorded accurately and legally.

Buyers and sellers should be aware that the guideline value may differ from the actual sale price. The stamp duty is charged based on the higher amount between the guideline value and the sale price, ensuring that the government receives the appropriate fees for property transactions.

Frequently asked questions

What is the current guideline value of Vijaya Garden?

The current guideline value of Vijaya Garden 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 141 per sq.ft in 2002 to Rs 440 per sq.ft in 2024, with several revisions in between, including increases and decreases in value.

What are the stamp duty and registration fees for property in Vijaya Garden?

The stamp duty for property in Vijaya Garden is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 39,600.

Which Sub Registrar Office covers Vijaya Garden?

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

What is the land classification of Vijaya Garden?

Vijaya Garden is classified as Residential Class III Type - I, indicating its designation for residential use within the area.