Guideline Value for Saraswati Street (Vetri Nagar)

Saraswati Street (Vetri Nagar) guideline value

The current guideline value of Saraswati Street (Vetri Nagar) is Rs 3,301 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village, under the Sembiam Sub Registrar Office (SRO). The land classification for this area is Residential Special Type - II.

How the guideline value of Saraswati Street (Vetri Nagar) has changed

The guideline value for Saraswati Street (Vetri Nagar) has seen several revisions over the years. In the 2007 revision, the value was Rs 700 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a rise of 329%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, a decline of 33%. The 2017 revision saw a substantial increase to Rs 3,000 per sq.ft in 2023, reflecting a 49% rise. The latest revision in 2024 set the value at Rs 3,301 per sq.ft, a 10% increase from the previous year.

It is important to note that the register has no figures for Saraswati Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 372%.

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. The median value is Rs 3,301 per sq.ft, which is equal to the current guideline value of Saraswati Street (Vetri Nagar).

• Samundeeswari Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• School Road: Rs 2,700 per sq.ft (2024)
• Sambasiva Reddy Street: Rs 2,700 per sq.ft (2024)
• Sakthi Vinayagar Koil Street: Rs 3,301 per sq.ft (2024)
• Sakthivel Salai: Rs 3,301 per sq.ft (2024)
• Sakthivel Nagar Main Road: Rs 3,301 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswati Street (Vetri Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,301 per sq.ft, the total guideline value would be Rs 33,01,000. The stamp duty at 7% would amount to Rs 2,31,070, and the registration fee at 2% would be Rs 66,020. Together, the total cost for stamp duty and registration would be Rs 2,97,090. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Saraswati Street (Vetri Nagar)?

The Sub Registrar Office that covers Saraswati Street (Vetri Nagar) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value plays a crucial role when buying or selling property in Peravallur. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers must be aware that the stamp duty and registration fees are calculated based on this guideline value, ensuring that the government receives its due revenue from property transactions.

When a property is sold, the guideline value helps in assessing the fair value of the property. This ensures that both buyers and sellers have a clear understanding of the costs involved in the transaction, allowing for smoother dealings and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Saraswati Street (Vetri Nagar)?

The current guideline value of Saraswati Street (Vetri Nagar) is Rs 3,301 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 700 per sq.ft in 2007 to Rs 3,301 per sq.ft in 2024, marking an overall increase of 372%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,01,000, the stamp duty would be Rs 2,31,070 and the registration fee would be Rs 66,020, totaling Rs 2,97,090.

Which office handles property registrations for Saraswati Street (Vetri Nagar)?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, handles property registrations for Saraswati Street (Vetri Nagar).

What is the land classification for Saraswati Street (Vetri Nagar)?

The land classification for Saraswati Street (Vetri Nagar) is Residential Special Type - II, indicating its suitability for residential development.