Guideline Value for VANNAN MEDU 1ST STREET

Vannan Medu 1st Street guideline value

The current guideline value of Vannan Medu 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Vannan Medu 1st Street has changed

The guideline value for Vannan Medu 1st Street has undergone several revisions over the years. In 2003, the value was Rs 369 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The following revision in 2012 saw a significant rise to Rs 2,000 per sq.ft, but this was followed by a decrease to Rs 1,340 per sq.ft in 2017. The value then increased sharply to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft from the 2024 revision. Notably, there is no figure available for this street in the 2002 register.

From 2017 to 2023, there was a 49% increase, while the jump from 2012 to 2017 was a decrease of 33%. The value rose dramatically from 2007 to 2012 by 300%, and the increase from 2003 to 2007 was 36%. Overall, from 2003 to 2024, the guideline value has increased by 496%.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value in this area is Rs 2,700 per sq.ft, placing Vannan Medu 1st Street's 2024 figure below that median.

• Vannai Pandian Street: Rs 2,200 per sq.ft (2024)
• Vannan Medu 2nd Street: Rs 2,200 per sq.ft (2024)
• Varadappan Street: Rs 1,600 per sq.ft (2024)
• Vasan Street: Rs 3,800 per sq.ft (2024)
• Vasantham Garden East Avenue: Rs 4,300 per sq.ft (2024)
• Vasugi Nagar 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vannan Medu 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vannan Medu 1st Street?

The Sub Registrar Office that covers Vannan Medu 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Perambur. It serves as a reference point for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the authorities.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered, thus playing a significant role in the overall transaction process.

Frequently asked questions

What is the current guideline value of Vannan Medu 1st Street?

The current guideline value of Vannan Medu 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 369 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 496% over this period.

What is the land classification of Vannan Medu 1st Street?

Vannan Medu 1st Street is classified as Residential Class IV Type - I.

Where can I find the registration office for Vannan Medu 1st Street?

The registration office for Vannan Medu 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Vannan Medu 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.