Guideline Value for Vimala nagar

Vimala nagar guideline value

The current guideline value of Vimala Nagar is Rs 800 per sq.ft, effective from 1 July 2024. This area is located in Madambakkam village, under the Gooduvancheri SRO, with a land classification of Residential Special Type - I.

How the guideline value of Vimala nagar has changed

The guideline value of Vimala Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. The 2023 revision maintained the value at Rs 800 per sq.ft, which remains unchanged in the 2024 revision.

Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has decreased by 33%.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO, with guideline values ranging from Rs 800 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 1,200 per sq.ft, placing Vimala Nagar's 2024 figure below that median.

• Vimal Nagar: Rs 1,200 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 Vimala nagar

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 8,00,000. The stamp duty at 7% would be Rs 56,000, and the registration fee at 2% would be Rs 16,000, totaling Rs 72,000. 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 Vimala nagar?

The Sub Registrar Office that covers Vimala Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.

To find more details, you can find your SRO.

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 calculating stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

When a property transaction occurs, the guideline value is assessed to determine the applicable duties, which are charged on the higher of the guideline value or the sale price. This ensures transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Vimala Nagar?

The current guideline value of Vimala Nagar is Rs 800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has decreased from Rs 1,200 per sq.ft in 2012 to Rs 800 per sq.ft in 2024, reflecting a 33% reduction over this period.

What is the stamp duty rate for property in Vimala Nagar?

The stamp duty rate for property transactions in Vimala Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.

What are the guideline values of other streets in Madambakkam?

Other streets in Madambakkam have a guideline value of Rs 1,200 per sq.ft in 2024, including Vimal Nagar, Vijay Nagar, Vijay Gopal Nagar, Vishnu Avenue, Vishnu Priya Avenue, and Vignesh Avenue Extn.