Guideline Value for Subramani Street (Vetri Nagar)

Subramani Street (Vetri Nagar) guideline value

The current guideline value of Subramani Street (Vetri Nagar) 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 Subramani Street (Vetri Nagar) has changed

The guideline value for Subramani Street (Vetri Nagar) has undergone several revisions over the years. In 2002, the value was Rs 360 per sq.ft, which increased to Rs 392 per sq.ft in 2003. The value saw a significant jump to Rs 700 per sq.ft in 2007, and then it further rose to Rs 3,000 per sq.ft in 2012. However, there was a decrease in value to Rs 2,010 per sq.ft in 2017. The guideline value then increased to Rs 3,000 per sq.ft in 2023, before reaching the current rate of Rs 3,301 per sq.ft in 2024.

Between the revisions, there were notable changes. From 2002 to 2003, the increase was +9%. The rise from 2003 to 2007 was +79%, followed by a substantial increase of +329% from 2007 to 2012. The value then dropped by -33% from 2012 to 2017. A significant increase of +49% occurred from 2017 to 2023, and the latest revision from 2023 to 2024 reflects a +10% increase. Overall, from 2002 to 2024, the guideline value has increased by +817%.

Guideline values in Peravallur

In Peravallur village, 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 guideline value of Subramani Street (Vetri Nagar). The following are other streets in Peravallur:

• Subramaniam Street (Bashyam Reddy Colony): Rs 2,700 per sq.ft (2024)
• Sugan Raj Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Sundaram Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Sundararaja Perumal Colony 10th Street: Rs 4,400 per sq.ft (2024)
• Sundararaja Perumal Colony 11th Street: Rs 4,400 per sq.ft (2024)
• Sundararaja Perumal Colony 12th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Subramani 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 fee would be 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 also use our stamp duty and registration fee calculator for further assistance.

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

The Sub Registrar Office that covers Subramani Street (Vetri Nagar) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Peravallur. It serves as a benchmark for determining the minimum value at which the property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, and it also helps in maintaining transparency in real estate dealings.

Frequently asked questions

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

The current guideline value of Subramani 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 changed significantly from Rs 360 per sq.ft in 2002 to Rs 3,301 per sq.ft in 2024, reflecting an overall increase of +817% over the years.

What are the stamp duty and registration fees for property 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 Subramani Street (Vetri Nagar)?

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

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

The land classification for Subramani Street (Vetri Nagar) is Residential Special Type - II, which indicates its designated use for residential purposes.