Guideline Value for Basin Elephant Gate road

Basin Elephant Gate road guideline value

The current guideline value of Basin Elephant Gate road is Rs 6,000 per sq.ft, effective from 1 July 2024. This road is located in Vepery village under the Periamet SRO and is classified as Residential Class II Type - I.

How the guideline value of Basin Elephant Gate road has changed

The guideline value for Basin Elephant Gate road has seen several revisions over the years. In 2007, the value was Rs 2,000 per sq.ft, which increased to Rs 5,500 per sq.ft in 2012, marking a significant rise of 175%. However, from 2012 to 2017, the value decreased to Rs 3,685 per sq.ft, a drop of 33%. The subsequent revision in 2017 brought the value up to Rs 5,500 per sq.ft in 2023, reflecting a substantial increase of 49%. The most recent revision in 2024 set the value at Rs 6,000 per sq.ft, a 9% increase from the previous year.

The register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 200%.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value for these streets is Rs 4,800 per sq.ft, placing Basin Elephant Gate road's 2024 figure above that median.

• Basin Bridge Road: Rs 7,700 per sq.ft (2024)
• Barracks Road: Rs 3,300 per sq.ft (2024)
• Barracks lane: Rs 2,700 per sq.ft (2024)
• Bazaar Lane(Part): Rs 7,000 per sq.ft (2024)
• Beautiful Park Salai: Rs 7,000 per sq.ft (2024)
• Balarkalvi Nilayam Road: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Basin Elephant Gate road

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000. Together, the total cost for these fees would be Rs 5,40,000. 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 Basin Elephant Gate road?

The Sub Registrar Office that covers Basin Elephant Gate road is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Vepery. It serves as a benchmark for determining the stamp duty and registration fees payable during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable duties and fees. This ensures that the transaction is recorded accurately and that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Basin Elephant Gate road?

The current guideline value of Basin Elephant Gate road is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 200%.

What is the land classification for Basin Elephant Gate road?

Basin Elephant Gate road is classified as Residential Class II Type - I.

Where can I find the registration office for Basin Elephant Gate road?

The registration office for Basin Elephant Gate road is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in Vepery?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 60,00,000, the stamp duty would be calculated at 7% of that amount.