Guideline Value for Vijayalakshmi Nagar

Vijayalakshmi Nagar guideline value

The current guideline value of Vijayalakshmi Nagar is Rs 440 per sq.ft, effective from 1 July 2024. This locality is situated in Nallur village and falls under the jurisdiction of the Redhills SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Vijayalakshmi Nagar has changed

The guideline value for Vijayalakshmi Nagar has seen several revisions over the years. In 2007, the value was Rs 200 per sq.ft, which increased to Rs 400 per sq.ft in 2012. However, there was a decrease to Rs 268 per sq.ft in 2017, followed by a significant increase to Rs 400 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 440 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The overall change from 2007 to 2024 is a notable increase of 120%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nallur

Nallur village has 39 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,650 per sq.ft, with a median value of Rs 550 per sq.ft. Vijayalakshmi Nagar's current guideline value is below this median.

• Vijaya Garden: Rs 440 per sq.ft (2024)
• 7 Hills Garden: Rs 770 per sq.ft (2024)
• Varalakshmi Nagar: Rs 440 per sq.ft (2024)
• Sri Anandavalli Street: Rs 770 per sq.ft (2024)
• Sharmila Diya Garden: Rs 440 per sq.ft (2024)
• Selva Vinayagar Koil 2nd Cross Street: Rs 770 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 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, totaling Rs 39,600. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Vijayalakshmi Nagar?

The Vijayalakshmi Nagar area is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Nallur. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is registered, the guideline value is considered to ensure that the transaction is recorded at a fair value. This helps in maintaining transparency and accountability in property dealings within the locality.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar?

The current guideline value of Vijayalakshmi Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 440 per sq.ft in 2024, reflecting an overall increase of 120% over the years.

What is the registration fee for property in Vijayalakshmi Nagar?

The registration fee for property in Vijayalakshmi Nagar is 2% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office should I visit for property registration in Vijayalakshmi Nagar?

The Redhills Sub Registrar Office covers Vijayalakshmi Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What are the other streets in Nallur with their guideline values?

Other streets in Nallur include Vijaya Garden and Varalakshmi Nagar at Rs 440 per sq.ft, and 7 Hills Garden and Sri Anandavalli Street at Rs 770 per sq.ft, among others.