Guideline Value for Chengalvarayan Street

Chengalvarayan Street guideline value

The current guideline value of Chengalvarayan Street is Rs 4,800 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet Sub Registrar Office (SRO), classified as Residential Class II Type - II.

How the guideline value of Chengalvarayan Street has changed

Over the years, the guideline value for Chengalvarayan Street has seen several revisions. Starting from the 2007 revision, the value was Rs 1,000 per sq.ft. This increased significantly to Rs 4,500 per sq.ft in 2012, marking a substantial rise of 350%. However, in the 2017 revision, the value decreased to Rs 3,015 per sq.ft, which was a decline of 33%. The value then rose again to Rs 4,500 per sq.ft in 2023, followed by the current rate of Rs 4,800 per sq.ft in 2024, reflecting a 7% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 380%.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value is Rs 4,800 per sq.ft, which is equal to the current guideline value of Chengalvarayan Street.

• Chinnathambi Pillai 1st street: Rs 6,000 per sq.ft (2024)
• Chinnthambi Pillai 2nd street: Rs 6,000 per sq.ft (2024)
• Choolai Bazaar Lane: Rs 7,700 per sq.ft (2024)
• Choolai Bazaar Road: Rs 8,800 per sq.ft (2024)
• Choolai High Road: Rs 9,900 per sq.ft (2024)
• Canal Karai Salai: Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Chengalvarayan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,800 per sq.ft, the total guideline value would be Rs 48,00,000. The stamp duty at 7% would amount to Rs 3,36,000, and the registration fee at 2% would be Rs 96,000, totaling Rs 4,32,000. 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 Chengalvarayan Street?

The Chengalvarayan Street falls under the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for further assistance.

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

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

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the property's worth.

Frequently asked questions

What is the current guideline value of Chengalvarayan Street?

The current guideline value of Chengalvarayan Street is Rs 4,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, reflecting a total increase of 380% over the years.

What is the stamp duty rate for properties in Chengalvarayan Street?

The stamp duty rate for properties in Chengalvarayan Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Chengalvarayan Street located?

The Sub Registrar Office for Chengalvarayan Street is located at 1103, Poonamallee High Road, Chennai-600 003.

What are the other streets in Vepery with guideline values?

Other streets in Vepery include Chinnathambi Pillai 1st street and Chinnthambi Pillai 2nd street, both valued at Rs 6,000 per sq.ft, among others with varying rates.