Guideline Value for Depot street

Depot street guideline value

The current guideline value of Depot street in Vepery village, under the Periamet SRO, is Rs 6,000 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Depot street has changed

The guideline value for Depot street has seen several revisions over the years. The 2007 revision set the value at Rs 2,000 per sq.ft, which increased to Rs 5,500 per sq.ft in the 2012 revision. However, there was a significant decrease in the 2017 revision, which brought the value down to Rs 3,685 per sq.ft. The value rose sharply to Rs 5,500 per sq.ft in the 2023 revision, and the most recent 2024 revision has increased it further to Rs 6,000 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

Analyzing the changes, the value increased by 175% from 2007 to 2012, then decreased by 33% from 2012 to 2017. Following that, there was a notable increase of 49% from 2017 to 2023, and a further rise of 9% from 2023 to 2024. 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, making Depot street's current value above that median.

• Demellows Road (Main Road): Rs 6,000 per sq.ft (2024)
• Demellows Road 3rd street (Kaja ahmed sahib street): Rs 2,700 per sq.ft (2024)
• Demellows Road 2nd lane (Chinna thambi Street): Rs 2,700 per sq.ft (2024)
• Demellows Road 1st lane: Rs 2,700 per sq.ft (2024)
• Decastor Salai 2nd Cross street: Rs 2,700 per sq.ft (2024)
• Decaster Road (Mainroad): Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Depot street

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, making the total cost for these fees Rs 5,40,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Depot street?

The Sub Registrar Office that covers Depot street 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

When buying or selling property in Vepery, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This value is crucial as it ensures that the fees are calculated based on an official assessment of the property's worth.

At the time of registration, the higher amount between the guideline value and the sale price is considered for the calculation of these fees. This process helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Depot street?

The current guideline value of Depot street 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% over the years.

What is the land classification for Depot street?

Depot street is classified as Residential Class II Type - I land, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Depot street?

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

How is the stamp duty calculated for properties in Depot street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 60,00,000 would incur a stamp duty of Rs 4,20,000 at 7%.