Guideline Value for Vijaya Nagar Main Road

Vijaya Nagar Main Road guideline value

The current guideline value of Vijaya Nagar Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This road is located in Velachery village and falls under the Velacheri SRO, classified as Residential Class II Type - II.

How the guideline value of Vijaya Nagar Main Road has changed

The guideline value of Vijaya Nagar Main Road has seen several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which decreased to Rs 2,680 per sq.ft in the 2017 revision. However, the most recent 2024 revision has increased the value back to Rs 4,400 per sq.ft, representing a 64% increase from the 2017 figure and a 10% increase from the 2012 figure.

It is important to note that there are no figures available for the revisions in the years 2002, 2003, 2007, and 2023 for this street. The changes between the revisions highlight a significant fluctuation in the guideline value, particularly from 2017 to 2024.

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 across these streets is Rs 4,400 per sq.ft, which aligns with the current guideline value for Vijaya Nagar Main Road.

• Vijaya Nagar Extn.: Rs 4,950 per sq.ft (2024)
• Vijaya Nagar Main Road (From SBI to ADDISON Company & SPIC Nagar): Rs 4,400 per sq.ft (2024)
• Vijaya Nagar North Extn.: Rs 4,400 per sq.ft (2024)
• Vijaya Nagar / Belsakthi Nagar: Rs 4,400 per sq.ft (2024)
• Vijaya Nagar North Extn. (100 Ft. Road): Rs 13,200 per sq.ft (2024)
• Vijaya Nagar North Extn. (150 Ft. Road): Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vijaya Nagar 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, resulting in a total of Rs 3,96,000. It is important to note that the 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 Nagar Main Road?

The Sub Registrar Office that covers Vijaya Nagar 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 details.

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

The guideline value is a crucial factor in property transactions in Velachery, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of ownership.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the costs associated with property transactions. Ensuring that the property is registered at the correct guideline value helps avoid legal complications in the future.

Frequently asked questions

What is the current guideline value of Vijaya Nagar Main Road?

The current guideline value of Vijaya Nagar 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 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, and then increased to Rs 4,400 per sq.ft in 2024. This reflects a 64% increase from 2017 to 2024 and a 10% increase overall from 2012 to 2024.

What is the registration office for Vijaya Nagar Main Road?

The registration office for Vijaya Nagar Main Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, on a 1,000 sq.ft plot at Rs 4,400 per sq.ft, the total stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is revised periodically. It reflects the minimum value for property registration and can vary based on the location and type of property.