Guideline Value for Vinayaga Nagar

Vinayaga Nagar guideline value

The current guideline value of Vinayaga Nagar is Rs 900 per sq.ft, effective from 1 July 2024. This street is located in Vedanareyanapuram village, under the Chengleput Joint I SRO, classified as Mixed Type - II land.

How the guideline value of Vinayaga Nagar has changed

Over the years, the guideline value for Vinayaga Nagar has seen several revisions. The 2007 revision set the value at Rs 123 per sq.ft, which increased significantly to Rs 900 per sq.ft in the 2012 revision, marking a rise of 632%. However, the 2017 revision saw a decrease to Rs 603 per sq.ft, a drop of 33%. The value remained at Rs 900 per sq.ft in the 2023 revision, and it has stayed the same in the 2024 revision, indicating no change from the previous year.

From 2017 to 2023, the guideline value increased by 49%, and overall, from the 2007 revision to the 2024 revision, there has been a substantial increase of 632%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vedanareyanapuram

In Vedanareyanapuram, there are 31 streets under the Chengleput Joint I SRO with a 2024 guideline value ranging from Rs 400 to Rs 2,050 per sq.ft. The median value for these streets is Rs 600 per sq.ft, placing Vinayaga Nagar's 2024 figure above that median.

• Yasmin Nagar: Rs 500 per sq.ft (2024)
• Vasantham nagar: Rs 600 per sq.ft (2024)
• Valmigi nagar: Rs 400 per sq.ft (2024)
• Thulasinga Nagar: Rs 400 per sq.ft (2024)
• Thendral Nagar: Rs 600 per sq.ft (2024)
• Sri Rajeswari Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayaga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 900 per sq.ft, the total guideline value would be Rs 9,00,000. The stamp duty at 7% would amount to Rs 63,000, while the registration fee at 2% would be Rs 18,000, making the total cost for these fees Rs 81,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Vinayaga Nagar?

The Sub Registrar Office that covers Vinayaga Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Vedanareyanapuram. It serves as a baseline for determining the stamp duty and registration fees that buyers and sellers must pay when completing a property transaction.

When a property is bought or sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation and ensuring that the government receives the appropriate taxes. It is essential for both buyers and sellers to be aware of the current guideline value to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Vinayaga Nagar?

The current guideline value of Vinayaga Nagar is Rs 900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has fluctuated over the years, with the most significant increase occurring from Rs 123 per sq.ft in 2007 to Rs 900 per sq.ft in 2012. The value has remained stable at Rs 900 per sq.ft since 2012, with no change from 2023 to 2024.

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

For a property valued at Rs 9,00,000, the stamp duty would be Rs 63,000 and the registration fee would be Rs 18,000, totaling Rs 81,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations in Vinayaga Nagar?

The Chengleput Joint I Sub Registrar Office handles property registrations in Vinayaga Nagar. It is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is the guideline value determined for properties in Vedanareyanapuram?

The guideline value is determined by the Registration Department's guideline value register, which is updated periodically to reflect changes in the market and land classification. It serves as a basis for calculating stamp duty and registration fees during property transactions.