Guideline Value for Vijaya Nagar

Vijaya Nagar guideline value

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

How the guideline value of Vijaya Nagar has changed

The guideline value for Vijaya Nagar has seen significant changes over the years. In 2003, the guideline value was Rs 285 per sq.ft. This increased to Rs 700 per sq.ft in 2007, marking a substantial rise of 146%. By 2012, the value further escalated to Rs 2,000 per sq.ft, which was an increase of 186% from the 2007 figure. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from 2012.

It is important to note that there are no figures available for the years 2002, 2017, and 2023 in the register for this street. Overall, from 2003 to 2024, the guideline value has surged by 672%.

Guideline values in Kolathur

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

• Vijaya Lakshmi Nagar Extension: Rs 2,200 per sq.ft (2024)
• Vijaya Lakshmi 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 Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vijaya Nagar?

The Sub Registrar Office that covers Vijaya Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Kolathur. It serves as the basis for calculating the stamp duty and registration fees that are required when buying or selling property. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is compared with the sale price. The stamp duty is charged on the higher of the two amounts, ensuring that the government receives the appropriate revenue from property transactions. This practice helps maintain transparency and fairness in the real estate market.

Frequently asked questions

What is the current guideline value of Vijaya Nagar?

The current guideline value of Vijaya 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 significantly from Rs 285 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 672% over this period.

What is the classification of land in Vijaya Nagar?

Vijaya Nagar is classified as Residential Class IV Type - I, indicating its use for residential purposes.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles the registration of properties in the area.

How is stamp duty calculated in Vijaya Nagar?

Stamp duty in Vijaya Nagar is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at the current rate incurs a total of Rs 1,98,000 in duties and fees.