Guideline Value for Vijayalakshmi Puram

Vijayalakshmi Puram guideline value

The current guideline value of Vijayalakshmi Puram, located in Malligaicherry village under the Konnur SRO, is Rs 2,400 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Vijayalakshmi Puram has changed

The guideline value for Vijayalakshmi Puram has seen several revisions over the years. In 2002, the value was Rs 408 per sq.ft, which increased to Rs 441 per sq.ft in 2003. Following this, the value rose significantly to Rs 800 per sq.ft in 2007, and then to Rs 2,250 per sq.ft in 2012. However, it dropped to Rs 1,507 per sq.ft in 2017 before climbing back to Rs 2,250 per sq.ft in 2023. The current revision for 2024 sets the value at Rs 2,400 per sq.ft, marking a 7% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 488%. The changes between revisions include a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a remarkable 181% increase from 2007 to 2012, an 81% rise from 2003 to 2007, and an 8% increase from 2002 to 2003. The register has no figure for any other years for this street.

Guideline values in Malligaicherry

In Malligaicherry, there are 49 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with the median being Rs 2,400 per sq.ft. The guideline value for Vijayalakshmi Puram is equal to this median.

• Vijayalakshmi Puram First Street: Rs 2,400 per sq.ft (2024)
• Vijayalakshmi Puram Second Street: Rs 2,400 per sq.ft (2024)
• Welcome Colony: Rs 2,400 per sq.ft (2024)
• Vadakku Thirumalai Nagar Second Lane: Rs 2,750 per sq.ft (2024)
• Vadakku Thirumalai Nagar First Lane: Rs 2,750 per sq.ft (2024)
• Vadakku Thirumalai Nagar 3rd to 6th Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vijayalakshmi Puram

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total fees to Rs 2,16,000. 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 details.

Which Sub Registrar Office covers Vijayalakshmi Puram?

The Vijayalakshmi Puram area is covered by the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Malligaicherry. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When registering a property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring that the transaction adheres to the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Vijayalakshmi Puram?

The current guideline value of Vijayalakshmi Puram is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 408 per sq.ft in 2002 to Rs 2,400 per sq.ft in 2024, reflecting an overall increase of 488% over the years.

What is the land classification for Vijayalakshmi Puram?

Vijayalakshmi Puram falls under the Residential Class II Type - I land classification.

Where can I find the registration office for Vijayalakshmi Puram?

The registration office covering Vijayalakshmi Puram is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 24,00,000 would incur a stamp duty of Rs 1,68,000 at 7%.