Guideline Value for Vijaya Nagar 1st Main Road

Vijaya Nagar 1st Main Road guideline value

The current guideline value of Vijaya Nagar 1st Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Vijaya Nagar 1st Main Road has changed

Over the years, the guideline value of Vijaya Nagar 1st Main Road has seen several revisions. The 2007 revision set the value at Rs 2,300 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012. However, there was a decrease to Rs 2,680 per sq.ft in 2017. The most recent revision in 2024 has raised the guideline value to Rs 4,400 per sq.ft, marking a significant increase of 64% from the 2017 figure.

Overall, from 2007 to 2024, the guideline value has increased by 91%. The register does not provide figures for the years 2002, 2003, and 2023 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which aligns with the guideline value of Vijaya Nagar 1st Main Road.

• Vijaya Nagar 1st Lane: Rs 3,850 per sq.ft (2024)
• Vijaya Nagar 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Vijaya Nagar 2nd Avenue: Rs 4,400 per sq.ft (2024)
• Vijaya Nagar 1st Avenue: Rs 4,400 per sq.ft (2024)
• Vijaya Nagar 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Vijaya Nagar 16th Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Vijaya Nagar 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, together totaling Rs 3,96,000. 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 details.

Which Sub Registrar Office covers Vijaya Nagar 1st Main Road?

The Sub Registrar Office that covers Vijaya Nagar 1st Main Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. It is essential 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 Nagar 1st Main Road?

The current guideline value of Vijaya Nagar 1st Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 91% over the years.

What are the stamp duty and registration fees for property here?

For a 1,000 sq.ft plot, the total guideline value is Rs 44,00,000. The stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for this area?

The Velacheri Sub Registrar Office handles registrations for Vijaya Nagar 1st Main Road, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Vijaya Nagar 1st Main Road?

The land classification for Vijaya Nagar 1st Main Road is Residential Class II Type - II, indicating its designation for residential use.