Guideline Value for Vishvakarma Nagar

Vishvakarma Nagar guideline value

The current guideline value of Vishvakarma Nagar, located in Palnalloor village under the Sunguvarchattram SRO, is Rs 200 per sq.ft. This value is effective from the 2024 revision, which will be implemented on 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Vishvakarma Nagar has changed

The guideline value of Vishvakarma Nagar has seen various revisions over the years. The 2012 revision set the value at Rs 200 per sq.ft, which remained unchanged until the 2023 revision, where it was again Rs 200 per sq.ft. The next revision in 2024 also maintained this rate at Rs 200 per sq.ft, indicating no change from the previous year. Notably, the 2017 revision marked a significant increase to Rs 134 per sq.ft, reflecting a 49% increase from the 2012 figure.

Revisions prior to 2012, specifically in 2002, 2003, and 2007, do not have any figures recorded for this street, meaning there were no guideline values established during those years. Overall, from 2012 to 2024, the guideline value has remained unchanged at Rs 200 per sq.ft.

Guideline values in Palnalloor

In Palnalloor, there are 34 streets under the Sunguvarchattram SRO that carry a 2024 guideline value ranging from Rs 175 to Rs 471 per sq.ft. The median value for these streets is Rs 200 per sq.ft, which is the same as the guideline value for Vishvakarma Nagar.

• VMR Anex: Rs 250 per sq.ft (2024)
• VMR Nagar ( I To III ): Rs 250 per sq.ft (2024)
• VGP Vinoth Town: Rs 200 per sq.ft (2024)
• TV Room Street: Rs 175 per sq.ft (2024)
• Thirumallai Nagar: Rs 200 per sq.ft (2024)
• TheruVeethiamman Kovil Street: Rs 175 per sq.ft (2024)

Stamp duty and registration fee for property in Vishvakarma Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value amounts to Rs 2,00,000. The stamp duty, charged at 7%, would be Rs 14,000, while the registration fee, charged at 2%, would be Rs 4,000. Together, the total cost for stamp duty and registration would be Rs 18,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vishvakarma Nagar?

The Sub Registrar Office covering Vishvakarma Nagar is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role when buying or selling property in Palnalloor. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware that the guideline value is used to calculate these fees, ensuring that the transaction adheres to the regulations set by the Registration Department.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as per the established guidelines.

Frequently asked questions

What is the current guideline value of Vishvakarma Nagar?

The current guideline value of Vishvakarma Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 200 per sq.ft since 2012, with a notable increase from Rs 134 per sq.ft in 2017. There were no recorded values for the years 2002, 2003, and 2007.

What is the land classification for Vishvakarma Nagar?

The land classification for Vishvakarma Nagar is Residential Class II Type - I, indicating its suitability for residential development.

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

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot at Rs 200 per sq.ft, the total fees would amount to Rs 18,000.

Where is the Sub Registrar Office for Vishvakarma Nagar located?

The Sub Registrar Office for Vishvakarma Nagar is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, in the Chengalpattu registration zone.