Guideline Value for V M E FLATS

V M E Flats guideline value

The current guideline value of V M E Flats in Chembarambakkam village is Rs 1,100 per sq.ft, effective from 1 July 2024. This property falls under the Poonamallee SRO and is classified as Residential Class II Type - I.

How the guideline value of V M E Flats has changed

The guideline value for V M E Flats has seen several revisions over the years. The 2017 revision set the value at Rs 670 per sq.ft, which increased to Rs 1,000 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Chembarambakkam

In Chembarambakkam, there are 64 streets under the Poonamallee SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 4,000 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, which matches the current guideline value of V M E Flats.

• Vishu Nagar: Rs 1,100 per sq.ft (2024)
• V.R Lakshmi Avenue: Rs 2,700 per sq.ft (2024)
• Vijaylakshmi Nagar I & II: Rs 1,100 per sq.ft (2024)
• Yamuna Nagar: Rs 550 per sq.ft (2024)
• Thilakar Street: Rs 878 per sq.ft (2024)
• Thilagar Street 97/4c,4i,4j,5,6,7,8,9,10: Rs 878 per sq.ft (2024)

Stamp duty and registration fee for property in V M E Flats

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is essential to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers V M E Flats?

The V M E Flats are covered by the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Chembarambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. It is essential for both parties to be aware of this value to ensure a smooth transaction and compliance with local regulations.

Frequently asked questions

What is the current guideline value of V M E Flats?

The current guideline value of V M E Flats is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 670 per sq.ft in 2017 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 64% over this period.

What is the land classification for V M E Flats?

V M E Flats is classified as Residential Class II Type - I according to the local land classification regulations.

Where can I find the Poonamallee Sub Registrar Office?

The Poonamallee Sub Registrar Office is located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

What is the stamp duty rate applicable for properties in Chembarambakkam?

The stamp duty rate applicable for properties in Chembarambakkam is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.