Guideline Value for VEENA GARDEN

Veena Garden guideline value

The current guideline value of Veena Garden, located in Arumbakkam village under the Kodambakkam SRO, is Rs 6,000 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Veena Garden has changed

The guideline value for Veena Garden has seen several revisions since 2002. In 2002, the value was Rs 715 per sq.ft, which increased to Rs 788 per sq.ft in 2003, reflecting a 10% rise. Following this, the value rose significantly to Rs 1,050 per sq.ft in 2007, marking a 33% increase. The value then jumped to Rs 5,500 per sq.ft in 2012, a substantial increase of 424% from the previous revision. However, it decreased to Rs 3,685 per sq.ft in 2017, a decline of 33%.

In the subsequent revisions, the guideline value increased again to Rs 5,500 per sq.ft in 2023, followed by the current value of Rs 6,000 per sq.ft in 2024, representing a 9% increase. Overall, the guideline value has risen by 739% from 2002 to 2024.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 6,000 per sq.ft, which is equal to the current guideline value of Veena Garden.

• Vathalakundu Arumugam Nagar IV Th Street: Rs 3,300 per sq.ft (2024)
• Vathalakundu Arumugam Nagar I St Street: Rs 3,300 per sq.ft (2024)
• Vathalakundu Arumugam Nagar II Nd Street: Rs 3,300 per sq.ft (2024)
• Vathalakundu Arumugam Nagar III Rd Street: Rs 3,300 per sq.ft (2024)
• Vathalakundu Arumugam Nagar: Rs 3,300 per sq.ft (2024)
• Vasuki Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Veena Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total to Rs 5,40,000. It is important to note that 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 more details.

Which Sub Registrar Office covers Veena Garden?

The Sub Registrar Office that covers Veena Garden is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Arumbakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When a property is sold, the buyer and seller must ensure that the sale price is either equal to or greater than the guideline value. This helps in maintaining transparency and accountability in property transactions, providing a clear framework for both parties involved.

Frequently asked questions

What is the current guideline value of Veena Garden?

The current guideline value of Veena Garden is Rs 6,000 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 715 per sq.ft in 2002 to Rs 6,000 per sq.ft in 2024, showing an overall increase of 739% over the years.

What is the land classification of Veena Garden?

Veena Garden is classified as Residential Special Type - II, which indicates its intended use for residential purposes.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total cost would be Rs 5,40,000.

Which office handles the registration for Veena Garden?

The Kodambakkam Sub Registrar Office handles the registration for Veena Garden, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.