Guideline Value for Vimal Nagar

Vimal Nagar guideline value

The current guideline value of Vimal Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,650 per sq.ft. This value is effective from 1 July 2024 and falls under the land classification of Residential Special Type - II.

How the guideline value of Vimal Nagar has changed

Over the years, the guideline value of Vimal Nagar has seen significant changes. In the 2007 revision, the guideline value was Rs 120 per sq.ft, which increased dramatically to Rs 1,500 per sq.ft in the 2012 revision, marking a rise of 1,150%. However, in the 2017 revision, the value decreased to Rs 1,005 per sq.ft, reflecting a decline of 33%. The value then rose to Rs 1,500 per sq.ft in the 2023 revision, which was a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 1,650 per sq.ft, indicating a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 1,275%.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft. The median value is Rs 1,650 per sq.ft, which aligns with the guideline value of Vimal Nagar. Below are the guideline values for other streets in Varadarajapuram:

• Vijay Nagar Extn: Rs 1,320 per sq.ft (2024)
• Vishwak Gold City: Rs 1,650 per sq.ft (2024)
• Vijaya Nagar: Rs 1,320 per sq.ft (2024)
• Vijai Nagar: Rs 1,100 per sq.ft (2024)
• Vigneswara Nagar: Rs 1,650 per sq.ft (2024)
• V.M. Garden: Rs 1,650 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 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost for these fees to Rs 1,48,500. It is important to note that 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 more details.

Which Sub Registrar Office covers Vimal Nagar?

The Sub Registrar Office that covers Vimal Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Varadarajapuram. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is officially recorded and legally binding.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vimal Nagar?

The current guideline value of Vimal Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 120 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 1,275%.

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

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500, and the registration fee would be Rs 33,000, amounting to a total of Rs 1,48,500.

Which Sub Registrar Office covers Vimal Nagar?

The Padappai Sub Registrar Office covers Vimal Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

Where can I find more information about the guideline values in Varadarajapuram?

For more details about the guideline values in Varadarajapuram, you can refer to the official guideline value register from the Registration Department.