Guideline Value for Vijayalakshmi Nagar

Vijayalakshmi Nagar guideline value

The current guideline value of Vijayalakshmi Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024. This area is located in Hastinapuram village and falls under the Pallavaram SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Vijayalakshmi Nagar has changed

The guideline value for Vijayalakshmi Nagar has seen significant changes over the years. In the 2007 revision, the value was Rs 525 per sq.ft, which increased dramatically to Rs 2,700 per sq.ft in 2012, marking a rise of 414%. However, it then decreased to Rs 1,809 per sq.ft in the 2017 revision, reflecting a decline of 33%. The value further increased to Rs 2,700 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,970 per sq.ft, which is a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 466%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, which is the same as the guideline value for Vijayalakshmi Nagar. Below are other streets in Hastinapuram:

• Vinayagar Koil West Mada Street: Rs 2,970 per sq.ft (2024)
• Vinayagar Koil West Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 10th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 11th Street: Rs 2,970 per sq.ft (2024)
• Vinobaji Nagar 12th Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value would be Rs 29,70,000. The stamp duty at 7% would amount to Rs 2,07,900, and the registration fee at 2% would be Rs 59,400. Together, these fees would total Rs 2,67,300. 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 Vijayalakshmi Nagar?

The Sub Registrar Office that covers Vijayalakshmi Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is an essential factor in property transactions within Hastinapuram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees. Buyers and sellers must consider this value when negotiating property prices to ensure compliance with legal requirements.

When buying or selling property, the guideline value serves as a benchmark for assessing the transaction's legitimacy. It helps prevent undervaluation of properties and ensures that all transactions are recorded accurately within the local registration system.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar?

The current guideline value of Vijayalakshmi Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 525 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, reflecting a total increase of 466% over the years.

What are the other streets with the same guideline value in Hastinapuram?

Other streets in Hastinapuram with the same guideline value of Rs 2,970 per sq.ft include Vinayagar Koil West Mada Street, Vinayagar Koil West Street, Vinobaji Nagar, and several others.

What are the stamp duty and registration fees for property in Vijayalakshmi Nagar?

The stamp duty for a property valued at Rs 29,70,000 would be Rs 2,07,900, and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

Where is the Sub Registrar Office for Vijayalakshmi Nagar located?

The Sub Registrar Office for Vijayalakshmi Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.