Guideline Value for Thiru Vi.ka.NagarExtension

Thiru Vi.ka.NagarExtension guideline value

The current guideline value for Thiru Vi.ka.NagarExtension is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Vepery village and falls under the Periamet Sub Registrar Office. The land classification for this location is Residential Class III Type - I.

How the guideline value of Thiru Vi.ka.NagarExtension has changed

The guideline value for Thiru Vi.ka.NagarExtension has seen several revisions over the years. In 2007, the guideline value was Rs 800 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012. However, there was a decrease to Rs 2,680 per sq.ft in 2017. The value then rose sharply to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft as of the 2024 revision. The changes between these revisions are notable, with a 400% increase from 2007 to 2012, followed by a 33% decrease from 2012 to 2017. The value then increased by 49% from 2017 to 2023 and by 10% from 2023 to 2024.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Vepery

In Vepery, 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 guideline value for these streets is Rs 4,800 per sq.ft, placing Thiru Vi.ka.NagarExtension's 2024 figure below that median. Here are the guideline values for other streets in Vepery:

• Thiruvengadam Street: Rs 9,900 per sq.ft (2024)
• Thoppai Street: Rs 4,800 per sq.ft (2024)
• Thottikalai Kumarappa Mudali street: Rs 7,700 per sq.ft (2024)
• Thulasi Naicken street: Rs 4,800 per sq.ft (2024)
• Thirunarayan Guru Road(Hunters Road): Rs 12,100 per sq.ft (2024)
• Uthucattan street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Thiru Vi.ka.NagarExtension

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, making the total cost for these fees Rs 3,96,000. It is essential to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Thiru Vi.ka.NagarExtension?

The Sub Registrar Office that covers Thiru Vi.ka.NagarExtension is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. For more information, you can find your SRO.

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

The guideline value is a critical factor when registering property transactions in Vepery. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When buying or selling property, the guideline value is used to calculate the applicable fees, which can significantly impact the overall cost of the transaction. It is advisable for individuals to stay updated on the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Thiru Vi.ka.NagarExtension?

The current guideline value of Thiru Vi.ka.NagarExtension 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 significantly from Rs 800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 450% over this period.

What is the land classification for Thiru Vi.ka.NagarExtension?

The land classification for Thiru Vi.ka.NagarExtension is Residential Class III Type - I.

Where can I find the Sub Registrar Office for Thiru Vi.ka.NagarExtension?

The Sub Registrar Office for Thiru Vi.ka.NagarExtension is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties in Thiru Vi.ka.NagarExtension?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.