Guideline Value for VEDHACHALAM STREET

Vedhachalam Street guideline value

The current guideline value of Vedhachalam Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Jelandianpettai village under the Chennai South Joint I SRO, classified as Residential Class II Type - I.

How the guideline value of Vedhachalam Street has changed

The guideline value for Vedhachalam Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and further rose to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, the value saw a decrease of 33%, but from 2017 to 2023, there was a substantial increase of 49%. Overall, when looking at the changes from 2012 to 2024, the guideline value increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which matches the current guideline value of Vedhachalam Street.

• Vedhachalam Nagar: Rs 2,200 per sq.ft (2024)
• Veera Anjaneyar Street: Rs 1,870 per sq.ft (2024)
• Veerathamman Koil East Street: Rs 2,200 per sq.ft (2024)
• Veerathamman Koil Street: Rs 2,200 per sq.ft (2024)
• Veerathamman Koil West Street: Rs 2,200 per sq.ft (2024)
• Venkadesan Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vedhachalam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total 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, making the total costs together Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vedhachalam Street?

Vedhachalam Street falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Jelandianpettai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is legally recognized and tax obligations are met.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are necessary for the legal transfer of ownership. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations and to facilitate a smooth transaction.

Frequently asked questions

What is the current guideline value of Vedhachalam Street?

The current guideline value of Vedhachalam 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Vedhachalam Street?

Vedhachalam Street is classified as Residential Class II Type - I under the Chennai South Joint I SRO.

Where is the Sub Registrar Office for Vedhachalam Street located?

The Sub Registrar Office for Vedhachalam Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Vedhachalam Street?

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