Guideline Value for VEDAGIRI GARDEN

Vedagiri Garden guideline value

The current guideline value of Vedagiri Garden in Chemmancheri village, under the Neelankarai SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Vedagiri Garden has changed

Starting from the 2012 revision, the guideline value was Rs 1,000 per sq.ft. In the 2017 revision, it decreased to Rs 670 per sq.ft, marking a decline of 33%. The value then increased significantly in the 2023 revision to Rs 1,000 per sq.ft, followed by a further increase to Rs 1,100 per sq.ft in the 2024 revision, which reflects a 10% rise from the previous year.

From 2017 to 2023, the guideline value saw a substantial increase of 49%. Overall, comparing the 2012 figure to the 2024 figure, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft, with a median value of Rs 1,700 per sq.ft. Vedagiri Garden's current guideline value is below this median.

• Veerapandiya Kattapomman Street: Rs 1,700 per sq.ft (2024)
• Veervanjinathan Street: Rs 1,700 per sq.ft (2024)
• Varadharaj Garden: Rs 1,100 per sq.ft (2024)
• Vellai Garden: Rs 1,700 per sq.ft (2024)
• Velu Garden: Rs 1,700 per sq.ft (2024)
• Velu Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Vedagiri Garden

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value is 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, totaling Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Vedagiri Garden?

The Vedagiri Garden area is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Chemmancheri. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Vedagiri Garden?

The current guideline value of Vedagiri Garden 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 changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification of Vedagiri Garden?

Vedagiri Garden is classified as Residential Class IV Type - II according to the local land classification regulations.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Vedagiri Garden?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000, with stamp duty and registration fees calculated accordingly.