Guideline Value for Vikram Colony

Vikram Colony guideline value

The current guideline value of Vikram Colony is Rs 350 per sq.ft, effective from 1 July 2024. This area is located in Somangalam_B village under the Sriperumpudur SRO, classified as Residential Class I Type - I.

How the guideline value of Vikram Colony has changed

In the 2017 revision, the guideline value was Rs 234 per sq.ft. It remained unchanged at Rs 350 per sq.ft in the 2023 revision and again in the 2024 revision, showing a 50% increase from 2017 to 2023. The 2024 revision reflects no change from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for Vikram Colony. Overall, from 2017 to 2024, the guideline value has increased by 50%.

Guideline values in Somangalam_B

In Somangalam_B, there are 79 streets under the Sriperumpudur SRO with a 2024 guideline value ranging from Rs 150 to Rs 2,500 per sq.ft. The median value is Rs 250 per sq.ft, placing Vikram Colony's 2024 figure above this median.

• Vignesh Avenue (Vignesh Nagar): Rs 400 per sq.ft (2024)
• Thoiba Garden - II: Rs 250 per sq.ft (2024)
• Thoiba Garden I: Rs 250 per sq.ft (2024)
• Thoiba Garden: Rs 250 per sq.ft (2024)
• Thiruvallur Road: Rs 200 per sq.ft (2024)
• Thillai Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Vikram Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 350 per sq.ft, the total guideline value amounts to Rs 3,50,000. The stamp duty at 7% would be Rs 24,500, and the registration fee at 2% would be Rs 7,000, totaling Rs 31,500. 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 Vikram Colony?

The Sub Registrar Office that covers Vikram Colony is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property. It is used to determine the stamp duty and registration fees, which are mandatory for completing the transaction.

When a property is registered, the guideline value helps ensure that the transaction reflects a fair representation of the property's worth according to government standards. This value is essential for both buyers and sellers to understand their financial obligations during the property transfer.

Frequently asked questions

What is the current guideline value of Vikram Colony?

The current guideline value of Vikram Colony is Rs 350 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value was Rs 234 per sq.ft in 2017 and remained at Rs 350 per sq.ft in both 2023 and 2024. This represents a 50% increase from 2017 to 2023, with no change between 2023 and 2024.

What is the land classification for Vikram Colony?

Vikram Colony is classified as Residential Class I Type - I. This classification is important for determining the applicable guideline value and regulations.

Which office handles the registration for Vikram Colony?

The Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone, handles the registration for Vikram Colony.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 3,50,000, the stamp duty would be Rs 24,500 at a rate of 7%.