Guideline Value for Vimal Nagar

Vimal Nagar guideline value

The current guideline value of Vimal Nagar, located in Madambakkam village under the Gooduvancheri SRO, is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Special Type - I.

How the guideline value of Vimal Nagar has changed

The guideline value for Vimal Nagar has seen several revisions over the years. In 2007, the value was Rs 245 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012. This marked a substantial increase of 390%. However, the value dropped to Rs 804 per sq.ft in 2017, a decrease of 33%. The value remained at Rs 1,200 per sq.ft in both 2023 and 2024, showing no change between these two revisions.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 390%.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft, with a median value of Rs 1,200 per sq.ft. Vimal Nagar's 2024 guideline value aligns with this median.

• Vimala nagar: Rs 800 per sq.ft (2024)
• Vijay Nagar: Rs 1,200 per sq.ft (2024)
• Vijay Gopal Nagar: Rs 1,200 per sq.ft (2024)
• Vishnu Avenue: Rs 1,200 per sq.ft (2024)
• Vishnu Priya Avenue: Rs 1,200 per sq.ft (2024)
• Vignesh Avenue Extn: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vimal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, totaling Rs 1,08,000. It is essential to note that 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 further calculations.

Which Sub Registrar Office covers Vimal Nagar?

The Sub Registrar Office that covers Vimal Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which property transactions can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the guideline value is compared with the sale price. The higher of the two is used to calculate the applicable stamp duty and registration fees, ensuring compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Vimal Nagar?

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

How has the guideline value changed over the years?

The guideline value has changed multiple times, with the most notable increase from Rs 245 per sq.ft in 2007 to Rs 1,200 per sq.ft in 2012, followed by a drop to Rs 804 per sq.ft in 2017. The value has remained at Rs 1,200 per sq.ft since 2023.

What is the land classification of Vimal Nagar?

Vimal Nagar is classified as Commercial Special Type - I, indicating its intended use for commercial purposes.

Where can I find the registration office for Vimal Nagar?

The registration office for Vimal Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in Vimal Nagar?

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 12,00,000 would incur a stamp duty of Rs 84,000 at 7%.