Guideline Value for Thiru Ve.Ka 1st Street

Thiru Ve.Ka 1st Street guideline value

The current guideline value of Thiru Ve.Ka 1st Street is Rs 1,400 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village, under the Selaiyur SRO, and is classified as Residential Class II Type - II.

How the guideline value of Thiru Ve.Ka 1st Street has changed

The guideline value for Thiru Ve.Ka 1st Street has seen several revisions over the years. In 2007, the value was Rs 750 per sq.ft, which increased to Rs 1,300 per sq.ft in 2012, marking a 73% increase. However, the value decreased to Rs 871 per sq.ft in 2017, a drop of 33%. The value then rose significantly to Rs 1,300 per sq.ft in 2023, and currently stands at Rs 1,400 per sq.ft as of the 2024 revision, reflecting an 8% increase from the previous year. The register has no figures for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 87%. The changes between revisions highlight the fluctuations in property values over time, with the most notable increase occurring between 2017 and 2023, where the value surged by 49%.

Guideline values in Chembakkam

In Chembakkam village, there are 472 streets under the Selaiyur SRO, with 2024 guideline values ranging from Rs 850 to Rs 6,700 per sq.ft, and the median value is Rs 2,200 per sq.ft. The guideline value of Thiru Ve.Ka 1st Street is below this median.

• Thiru Ve.Ka 2nd Street: Rs 1,400 per sq.ft (2024)
• Thiru Ve.Ka Road: Rs 1,400 per sq.ft (2024)
• Thiru.Ve.Ka Street: Rs 1,400 per sq.ft (2024)
• Thiru Vi.Ka 2nd Cross Street: Rs 1,400 per sq.ft (2024)
• Thirunavukarasu Street Extn: Rs 1,600 per sq.ft (2024)
• Thirunavokarasu Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Thiru Ve.Ka 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,400 per sq.ft, the total guideline value would be Rs 14,00,000. The stamp duty at 7% would amount to Rs 98,000, and the registration fee at 2% would be Rs 28,000, bringing the total cost to Rs 1,26,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thiru Ve.Ka 1st Street?

The Thiru Ve.Ka 1st Street falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the property registration process in Chembakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the sale or purchase of property.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the necessary taxes are paid to the government, safeguarding both parties involved in the transaction.

Frequently asked questions

What is the current guideline value of Thiru Ve.Ka 1st Street?

The current guideline value of Thiru Ve.Ka 1st Street is Rs 1,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2007 to Rs 1,400 per sq.ft in 2024, reflecting an overall increase of 87% over the years.

What is the land classification for Thiru Ve.Ka 1st Street?

Thiru Ve.Ka 1st Street is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

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

The Sub Registrar Office covering Thiru Ve.Ka 1st Street is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Thiru Ve.Ka 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 14,00,000, the stamp duty would be Rs 98,000 at a rate of 7%.