Guideline Value for Vijayalakshmi Nagar Extension - II

Vijayalakshmi Nagar Extension - II guideline value

The current guideline value of Vijayalakshmi Nagar Extension - II is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Pothur village and falls under the Redhills SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Vijayalakshmi Nagar Extension - II has changed

The guideline value for Vijayalakshmi Nagar Extension - II has seen several revisions over the years. Starting from Rs 190 per sq.ft in 2002, it increased to Rs 20 per sq.ft in 2003. Following this, there was a significant rise to Rs 300 per sq.ft in 2007, and then it further increased to Rs 500 per sq.ft in 2012. However, the value decreased to Rs 335 per sq.ft in 2017. The most recent revisions show an increase to Rs 500 per sq.ft in 2023 and a further rise to Rs 550 per sq.ft in 2024.

Between the revisions, there have been notable changes. The increase from 2017 to 2023 was +49%, while the jump from 2003 to 2007 was a remarkable +1400%. The value saw a decrease of -33% from 2012 to 2017. Overall, from 2002 to 2024, the guideline value has increased by +189%.

Guideline values in Pothur

In Pothur, there are 98 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 2,000 per sq.ft. The median value is Rs 550 per sq.ft, which is equal to the 2024 figure for Vijayalakshmi Nagar Extension - II.

• Vijayalakshmi Nagar Extension III: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extn.: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 550 per sq.ft (2024)
• Vinoth Mishra Nagar: Rs 550 per sq.ft (2024)
• Vishal Nagar: Rs 440 per sq.ft (2024)
• Vivekananda Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi Nagar Extension - II

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, making the total cost for these charges Rs 49,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vijayalakshmi Nagar Extension - II?

The Vijayalakshmi Nagar Extension - II falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. For more information, you can find your SRO.

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

The guideline value is an essential factor during the registration of property transactions in Pothur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is used to calculate the applicable charges, ensuring that the government receives the appropriate revenue from property transactions. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar Extension - II?

The current guideline value of Vijayalakshmi Nagar Extension - II is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 190 per sq.ft in 2002 to Rs 550 per sq.ft in 2024, showing an overall increase of +189% over the years.

What is the registration office for Vijayalakshmi Nagar Extension - II?

The registration office for Vijayalakshmi Nagar Extension - II is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

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% of the guideline value or sale price.

What is the median guideline value for streets in Pothur?

The median guideline value for streets in Pothur is Rs 550 per sq.ft, with values ranging from Rs 330 to Rs 2,000 per sq.ft for 2024.