Guideline Value for VEDHACHALA GARDEN

Vedhachala Garden guideline value

The current guideline value of Vedhachala Garden is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village and falls under the Mylapore SRO. The land classification for this street is Residential Class IV Type - III.

How the guideline value of Vedhachala Garden has changed

Over the years, the guideline value of Vedhachala Garden has seen significant changes. In 2002, the guideline value was Rs 1,177 per sq.ft, which increased to Rs 1,308 per sq.ft in 2003, marking an 11% rise. The value continued to rise to Rs 1,540 per sq.ft in 2007, an 18% increase, and then surged dramatically to Rs 6,500 per sq.ft in 2012, reflecting a 322% increase. However, from 2012 to 2017, the value saw a decline to Rs 4,355 per sq.ft, a decrease of 33%. The most recent revision in 2024 has brought the value up to Rs 7,100 per sq.ft, a 63% increase from 2017.

The register does not have a figure for the year 2023 for this street. Overall, from 2002 to 2024, the guideline value has increased by 503%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. Vedhachala Garden's 2024 guideline value is below this median.

• Vedhantha Desikar Street (Palathoppu): Rs 9,300 per sq.ft (2024)
• Veerabadran Street: Rs 7,100 per sq.ft (2024)
• Vathiyar Chinna Pillai Street: Rs 3,300 per sq.ft (2024)
• Veeraperumal Koil Street: Rs 7,100 per sq.ft (2024)
• Vasanth Avenue: Rs 12,100 per sq.ft (2024)
• Velayutha Raja Lane: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vedhachala Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total fees to Rs 6,39,000. It is important 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 more details.

Which Sub Registrar Office covers Vedhachala Garden?

The Sub Registrar Office that covers Vedhachala Garden is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Mylapore. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing a property. The guideline value is established by the Registration Department and reflects the market conditions and land classifications in the area.

When selling a property, the guideline value ensures that the transaction is recorded accurately and that the appropriate taxes are collected. Buyers should be aware of the guideline value to understand their financial obligations during the property purchase process.

Frequently asked questions

What is the current guideline value of Vedhachala Garden?

The current guideline value of Vedhachala Garden is Rs 7,100 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 1,177 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, representing an overall increase of 503%.

What is the land classification for Vedhachala Garden?

Vedhachala Garden is classified as Residential Class IV Type - III.

What are the stamp duty and registration fees for property in Vedhachala Garden?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which office handles property registrations in Vedhachala Garden?

The Mylapore Sub Registrar Office handles property registrations for Vedhachala Garden, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.