Guideline Value for VEDHACHALAM AVENUE

Vedhachalam Avenue guideline value

The current guideline value of Vedhachalam Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Vedhachalam Avenue has changed

The guideline value for Vedhachalam Avenue has undergone several revisions over the years. In 2007, the guideline value was Rs 600 per sq.ft, which rose significantly to Rs 3,000 per sq.ft in 2012, marking an increase of 400%. However, this value decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The value then saw a substantial rise to Rs 3,000 per sq.ft in 2023, followed by a further increase to Rs 3,300 per sq.ft in 2024, reflecting a 10% growth.

There are no figures available for the years 2002 and 2003 in the register for this street. The overall change from 2007 to 2024 shows an increase of 450%, highlighting the fluctuations in the guideline value over the years.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the guideline value of Vedhachalam Avenue.

• Velayutham Nagar: Rs 3,300 per sq.ft (2024)
• Verkadalai Cheri: Rs 2,150 per sq.ft (2024)
• T.V.K. Street: Rs 3,300 per sq.ft (2024)
• T.S.R.Nagar: Rs 3,700 per sq.ft (2024)
• T.S. Gopal Nagar -II: Rs 1,500 per sq.ft (2024)
• T.S. Gopal Nagar-1: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vedhachalam Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vedhachalam Avenue?

The Sub Registrar Office that covers Vedhachalam Avenue is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is an important factor in property transactions in Thiruvottiyur. It serves as a benchmark for determining the minimum value at which a property can be registered. When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

This ensures that the government receives the appropriate revenue from property transactions. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vedhachalam Avenue?

The current guideline value of Vedhachalam Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 450% over this period.

What are the stamp duty and registration fees for property in Vedhachalam Avenue?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Vedhachalam Avenue?

The Thiruvottiyur Sub Registrar Office handles property registrations for Vedhachalam Avenue, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the land classification of Vedhachalam Avenue?

Vedhachalam Avenue is classified as Residential Special Type - I, which indicates its purpose for residential development.