Guideline Value for Rangasamy Lane (Vetri Nagar)

Rangasamy Lane (Vetri Nagar) guideline value

The current guideline value of Rangasamy Lane (Vetri Nagar) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Rangasamy Lane (Vetri Nagar) has changed

The guideline value for Rangasamy Lane (Vetri Nagar) has experienced several revisions over the years. In 2007, the guideline value was Rs 1,000 per sq.ft, which increased to Rs 2,500 per sq.ft in 2012. However, it saw a significant decrease to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023 and is now Rs 2,700 per sq.ft as of the 2024 revision.

Between the revisions, the changes are notable. From 2007 to 2012, there was a +150% increase, followed by a -33% decrease from 2012 to 2017. The value increased by +49% from 2017 to 2023 and by +8% from 2023 to 2024. Overall, the guideline value has increased by +170% from 2007 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft, with a median value of Rs 3,301 per sq.ft. Rangasamy Lane (Vetri Nagar) is below this median at Rs 2,700 per sq.ft.

• Rangasamy Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Ram Nagar New Street: Rs 4,200 per sq.ft (2024)
• Ram Nagar Extension: Rs 4,200 per sq.ft (2024)
• Rengaswamy Pillai Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Ram Nagar 4th Main Road: Rs 4,200 per sq.ft (2024)
• Ram Nagar 4th Cross Street: Rs 4,200 per sq.ft (2024)

Stamp duty and registration fee for property in Rangasamy Lane (Vetri Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total cost Rs 2,43,000. 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 Rangasamy Lane (Vetri Nagar)?

The Sub Registrar Office covering Rangasamy Lane (Vetri Nagar) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, which are mandatory costs associated with property transactions.

When a buyer or seller agrees on a sale price, the guideline value is checked to ensure compliance with registration norms. If the sale price is lower than the guideline value, the higher amount is used for calculating the applicable duties and fees.

Frequently asked questions

What is the current guideline value of Rangasamy Lane (Vetri Nagar)?

The current guideline value of Rangasamy Lane (Vetri Nagar) is Rs 2,700 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 2,700 per sq.ft in 2024, reflecting an overall increase of +170% over the years.

What is the land classification for Rangasamy Lane (Vetri Nagar)?

Rangasamy Lane (Vetri Nagar) is classified as Residential Class I Type - I.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Rangasamy Lane (Vetri Nagar)?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000.