Guideline Value for Vishnu Nagar

Vishnu Nagar guideline value

The current guideline value of Vishnu Nagar is Rs 440 per sq.ft, effective from 1 July 2024. Vishnu Nagar is located in Grandlyon village, under the Redhills SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Vishnu Nagar has changed

The guideline value of Vishnu Nagar has undergone several revisions over the years. The earliest recorded figure is from 2003, where the value was Rs 38 per sq.ft. This increased significantly to Rs 200 per sq.ft in 2007, reflecting a change of +426%. The value remained at Rs 200 per sq.ft until the next revision in 2012, where it rose to Rs 400 per sq.ft, marking a +100% increase. However, in 2017, the value decreased to Rs 268 per sq.ft, a drop of -33%. The subsequent revision in 2023 saw the value rise again to Rs 400 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 440 per sq.ft, an increase of +10%.

It is important to note that the register has no figure for Vishnu Nagar for the year 2002. Overall, from 2003 to 2024, the guideline value has increased by +1058%.

Guideline values in Grandlyon

In Grandlyon village, there are 82 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,500 per sq.ft, with a median value of Rs 660 per sq.ft. The guideline value for Vishnu Nagar is below this median.

• Vishnu Nagar Annex: Rs 440 per sq.ft (2024)
• Vijai Nagar: Rs 770 per sq.ft (2024)
• V.G. Nagar: Rs 440 per sq.ft (2024)
• Udhayasuriyan Nagar: Rs 440 per sq.ft (2024)
• Thiruvalluvar Street: Rs 770 per sq.ft (2024)
• Thiruppur Kumaran Street: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Vishnu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, making the total cost of duty and fees Rs 39,600. 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 Vishnu Nagar?

The Sub Registrar Office that covers Vishnu Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Grandlyon. It is used to determine the stamp duty and registration fees that a buyer must pay when purchasing property. The guideline value ensures that the government receives the appropriate revenue from property transactions based on the officially recognized value of the property.

When selling property, the guideline value can also serve as a reference point for setting the sale price. However, the actual sale price may differ based on various factors, and the duty is charged on the higher of the guideline value or the sale price, ensuring that the government receives the necessary fees from the transaction.

Frequently asked questions

What is the current guideline value of Vishnu Nagar?

The current guideline value of Vishnu Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 38 per sq.ft in 2003 to Rs 440 per sq.ft in 2024, marking an overall increase of +1058% over the years.

What is the land classification of Vishnu Nagar?

Vishnu Nagar is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

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

For a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800, and the registration fee would be Rs 8,800, totaling Rs 39,600.

Which office handles property registrations for Vishnu Nagar?

The Redhills Sub Registrar Office handles property registrations for Vishnu Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.