Guideline Value for Vijayalakshmi Nagar

Vijayalakshmi Nagar guideline value

The current guideline value of Vijayalakshmi Nagar, located in Pothur village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Vijayalakshmi Nagar has changed

The guideline value for Vijayalakshmi Nagar has seen several revisions over the years. Starting from Rs 20 per sq.ft in 2003, it increased significantly to Rs 300 per sq.ft in 2007. The value then rose to Rs 500 per sq.ft in 2012, but saw a decrease to Rs 335 per sq.ft in 2017. After that, the value increased to Rs 500 per sq.ft in 2023, and currently stands at Rs 550 per sq.ft as per the 2024 revision, marking a 10% increase from the previous year.

Notably, there is no guideline value recorded for Vijayalakshmi Nagar in 2002. Overall, from 2003 to 2024, the guideline value has increased by 2650%, demonstrating a substantial rise over the years.

Guideline values in Pothur

In Pothur village, there are 98 streets under the Redhills SRO, with guideline values ranging from Rs 330 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 550 per sq.ft, which aligns with the current value for Vijayalakshmi Nagar.

• Vijayalakshmi Nagar Extension - II: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extension III: Rs 550 per sq.ft (2024)
• Vijayalakshmi Nagar Extn.: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vijayalakshmi Nagar?

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

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

The guideline value is a critical factor in property transactions in Pothur, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with property transactions. It is essential for both parties to be aware of the current guideline value to facilitate a smooth transfer of ownership.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Nagar?

The current guideline value of Vijayalakshmi Nagar 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 20 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, reflecting a significant increase over the years.

What is the land classification for Vijayalakshmi Nagar?

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

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

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 and the registration fee would be Rs 11,000, totaling Rs 49,500.

Which office handles registrations for Vijayalakshmi Nagar?

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