Guideline Value for Siddivinayagar Lane

Siddivinayagar Lane guideline value

The current guideline value of Siddivinayagar Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Vepery village and falls under the Periamet Sub Registrar Office (SRO). The land classification for this area is Residential Class III Type - I.

How the guideline value of Siddivinayagar Lane has changed

The guideline value for Siddivinayagar Lane has seen several revisions over the years. In 2007, the value was Rs 800 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012. However, this figure dropped to Rs 2,680 per sq.ft in 2017, marking a decrease of 33%. The value then rose to Rs 4,000 per sq.ft in 2023, before reaching the current value of Rs 4,400 per sq.ft in 2024, reflecting a 10% increase.

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 450%, showcasing significant growth over the years.

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 for these streets is Rs 4,800 per sq.ft, indicating that Siddivinayagar Lane's guideline value is below this median.

• Sheik Alisubedhar Street: Rs 4,400 per sq.ft (2024)
• Sivarajapruam 6th street: Rs 2,700 per sq.ft (2024)
• Sivarajapuram 1st lane: Rs 2,700 per sq.ft (2024)
• Sivarajapuram 1st street: Rs 2,700 per sq.ft (2024)
• Sivarajapuram 2nd lane: Rs 2,700 per sq.ft (2024)
• Sivarajapuram 3rd lane: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Siddivinayagar Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Siddivinayagar Lane?

The Sub Registrar Office that covers Siddivinayagar Lane is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vepery. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with the legal requirements during the transaction.

Additionally, the guideline value serves as a reference point for property transactions, providing transparency and consistency in property dealings. It is essential for both parties to understand this value to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of Siddivinayagar Lane?

The current guideline value of Siddivinayagar Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, showing an overall increase of 450% over the years, with various revisions in between.

What is the land classification for Siddivinayagar Lane?

Siddivinayagar Lane falls under the land classification of Residential Class III Type - I.

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

For a property valued at the current guideline value of Rs 4,400 per sq.ft, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Siddivinayagar Lane?

The Periamet Sub Registrar Office handles registrations for Siddivinayagar Lane, located at 1103, Poonamallee High Road, Chennai-600 003.