Guideline Value for Shanthi Street (Vetri Nagar Extension)

Shanthi Street (Vetri Nagar Extension) guideline value

The current guideline value of Shanthi Street (Vetri Nagar Extension) is Rs 3,301 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 Special Type - II.

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

The guideline value for Shanthi Street has undergone several revisions over the years. In 2007, the guideline value was Rs 700 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012. However, it then dropped to Rs 2,010 per sq.ft in 2017. Following this, the value saw a substantial rise to Rs 3,000 per sq.ft in 2023, and most recently, it reached Rs 3,301 per sq.ft in 2024, marking a 10% increase from the previous year.

To summarize the changes: from 2007 to 2012, the value increased by 329%, but then it decreased by 33% from 2012 to 2017. The value rebounded by 49% from 2017 to 2023, and the latest revision from 2023 to 2024 shows a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 372%. 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. Shanthi Street's 2024 guideline value is equal to this median.

• Simson Company Road (Hosur Garden): Rs 6,000 per sq.ft (2024)
• Sivabushanam Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Sivalingam Road 1st Cross Street: Rs 2,400 per sq.ft (2024)
• Sivalingam Road 2nd Cross Street: Rs 2,400 per sq.ft (2024)
• Sivalingam Road 3rd Cross Street: Rs 2,400 per sq.ft (2024)
• Sivalingam Road 4th Cross Street: Rs 2,400 per sq.ft (2024)

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

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, bringing the total to Rs 2,97,090. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shanthi Street (Vetri Nagar Extension)?

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

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

The guideline value is a crucial reference point when buying or selling property in Peravallur. It is used to determine the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and to understand the financial implications of their property transactions.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate stamp duty. This ensures that the government receives the appropriate revenue from property transactions based on current market values.

Frequently asked questions

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

The current guideline value of Shanthi Street (Vetri Nagar Extension) 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 changed significantly from Rs 700 per sq.ft in 2007 to Rs 3,301 per sq.ft in 2024, reflecting an overall increase of 372% over this period.

What is the land classification for Shanthi Street?

The land classification for Shanthi Street (Vetri Nagar Extension) is Residential Special Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Shanthi Street (Vetri Nagar Extension) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For instance, for a property valued at Rs 33,01,000, the stamp duty would be Rs 2,31,070 at a rate of 7%.