Guideline Value for Vijayalakshmi Nagar

Vijayalakshmi Nagar guideline value

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

How the guideline value of Vijayalakshmi Nagar has changed

The guideline value for Vijayalakshmi Nagar has undergone several revisions over the years. The current rate of Rs 2,200 per sq.ft reflects an increase from Rs 2,000 per sq.ft in the 2023 revision, marking a 10% rise. Prior to that, the 2017 revision set the value at Rs 1,340 per sq.ft, which represents a significant increase of 49% over the six years leading up to 2023.

There are no figures available for the revisions in 2012, 2007, 2003, and 2002 for this street. Overall, from the 2017 revision to the current 2024 figure, the guideline value has increased by 64%.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 6,850 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the guideline value for Vijayalakshmi Nagar.

• Vgn Orville Extension II: Rs 4,600 per sq.ft (2024)
• Vgn Orvillee Extension-I: Rs 4,600 per sq.ft (2024)
• Vgn Orville: Rs 3,285 per sq.ft (2024)
• VGN LakshmiNagar: Rs 2,200 per sq.ft (2024)
• Vlc Chellathai Avenue: Rs 3,745 per sq.ft (2024)
• Venkateswara Nagar: Rs 2,750 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 2,200 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, bringing the total cost for these fees to Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vijayalakshmi Nagar?

The Vijayalakshmi Nagar area is covered by the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is an essential factor in property transactions in Kolapakkam, 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, ensuring that these costs are based on a standardized valuation.

It is important to note that the guideline value may differ from the actual sale price of the property. The registration office will charge the higher of the two values when determining the applicable fees.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar?

The current guideline value of Vijayalakshmi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased by 64% from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024. The most recent change was a 10% increase from Rs 2,000 per sq.ft in 2023.

What is the land classification for Vijayalakshmi Nagar?

Vijayalakshmi Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Vijayalakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 1,54,000.