Guideline Value for Vijaya Lakshmi Nagar

Vijaya Lakshmi Nagar guideline value

The current guideline value of Vijaya Lakshmi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village, under the Sembiam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Vijaya Lakshmi Nagar has changed

The guideline value for Vijaya Lakshmi Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 700 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a change of 186%. This figure remained unchanged through the 2023 revision, which also recorded Rs 2,000 per sq.ft. The most recent 2024 revision has increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% rise from the previous year.

Overall, from the 2007 revision to the current 2024 value, there has been a substantial increase of 214%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2017 for this street.

Guideline values in Kolathur

In Kolathur, there are a total of 879 streets under the Sembiam SRO, with guideline values ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Vijaya Lakshmi Nagar's 2024 figure below this median.

• Vijaya Lakshmi Nagar Extension: Rs 2,200 per sq.ft (2024)
• Vijaya Nagar: Rs 2,200 per sq.ft (2024)
• Vijaya Nagar Extension: Rs 2,200 per sq.ft (2024)
• Vinayagar Colony: Rs 2,700 per sq.ft (2024)
• Vinayagar Koil Street: Rs 2,200 per sq.ft (2024)
• Vinobaba Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vijaya Lakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration fee would be Rs 1,98,000. 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 information.

Which Sub Registrar Office covers Vijaya Lakshmi Nagar?

The Vijaya Lakshmi Nagar area is covered by the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official register.

When buying or selling property, the guideline value helps in establishing a fair price for the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vijaya Lakshmi Nagar?

The current guideline value of Vijaya Lakshmi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 214% over the years.

What is the stamp duty for property in Vijaya Lakshmi Nagar?

The stamp duty for property in Vijaya Lakshmi Nagar is 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a stamp duty of Rs 1,54,000.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. You can also find your SRO through the provided link.

What other streets have similar guideline values in Kolathur?

Other streets in Kolathur with similar guideline values include Vijaya Lakshmi Nagar Extension, Vijaya Nagar, and Vijaya Nagar Extension, all at Rs 2,200 per sq.ft in 2024.