Guideline Value for Vinayaga Nagar II

Vinayaga Nagar II guideline value

The current guideline value of Vinayaga Nagar II is Rs 660 per sq.ft, effective from 1 July 2024. This area is located in Panapakkam village, under the Padappai Sub Registrar Office (SRO). The land classification for this street is Residential Class II Type - I.

How the guideline value of Vinayaga Nagar II has changed

The guideline value for Vinayaga Nagar II has undergone several revisions over the years. The 2012 revision set the value at Rs 600 per sq.ft, which then decreased to Rs 402 per sq.ft in 2017. However, the 2023 revision saw a significant increase to Rs 600 per sq.ft, followed by a further rise to Rs 660 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%, while the change from 2012 to 2017 saw a decline of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Panapakkam

In Panapakkam, there are 28 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 990 per sq.ft, with a median value of Rs 770 per sq.ft. The guideline value of Vinayaga Nagar II at Rs 660 per sq.ft is below this median.

• Walajabad Road: Rs 990 per sq.ft (2024)
• Vadapalani Murugan Nagar: Rs 770 per sq.ft (2024)
• Thirumurugan Nagar: Rs 770 per sq.ft (2024)
• Thiruchendhur Garden II: Rs 770 per sq.ft (2024)
• Thiruchendhur Garden: Rs 660 per sq.ft (2024)
• Thanigai Nagar: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayaga Nagar II

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, together totaling Rs 59,400. 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 Vinayaga Nagar II?

The Sub Registrar Office that covers Vinayaga Nagar II 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 further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Panapakkam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for legal and financial purposes. Buyers should be aware that the duty is based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Vinayaga Nagar II?

The current guideline value of Vinayaga Nagar II is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2012 to Rs 402 per sq.ft in 2017, then back to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024.

What is the land classification for Vinayaga Nagar II?

The land classification for Vinayaga Nagar II is Residential Class II Type - I.

Where can I find the registration office for Vinayaga Nagar II?

The registration office for Vinayaga Nagar II is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties in Vinayaga Nagar II?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000.