Guideline Value for VEERA SOWCAR STREET

Veera Sowcar Street guideline value

The current guideline value of Veera Sowcar Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Veera Sowcar Street has changed

The guideline value for Veera Sowcar Street has seen several revisions over the years. In 2003, the value was Rs 461 per sq.ft, which increased to Rs 600 per sq.ft in 2007. The value then saw a significant rise to Rs 3,500 per sq.ft in 2012, but dropped to Rs 2,345 per sq.ft in 2017. Following this, the value rose to Rs 3,500 per sq.ft in 2023, and finally reached Rs 3,800 per sq.ft in 2024. The register has no figure for this street in 2002.

Between the revisions, the changes are notable. From 2003 to 2007, the value increased by 30%, then surged by 483% from 2007 to 2012. However, from 2012 to 2017, there was a decline of 33%. The value increased by 49% from 2017 to 2023, and then rose by 9% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 724%.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, making Veera Sowcar Street's 2024 figure above this median.

• Veeraragavan Street: Rs 3,800 per sq.ft (2024)
• Veerapandian Street: Rs 3,800 per sq.ft (2024)
• Vedachala Mudali Street: Rs 3,200 per sq.ft (2024)
• Velu Mudali Street: Rs 2,700 per sq.ft (2024)
• Velu Street: Rs 2,200 per sq.ft (2024)
• Vasugi Nagar Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Veera Sowcar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total to Rs 3,42,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Veera Sowcar Street?

The Sub Registrar Office that covers Veera Sowcar Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Perambur. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers should be aware that the guideline value may differ from the actual sale price, and the higher amount will be used for calculating the applicable duties.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value set by the government. This helps in maintaining transparency in property transactions and prevents undervaluation of properties.

Frequently asked questions

What is the current guideline value of Veera Sowcar Street?

The current guideline value of Veera Sowcar Street is Rs 3,800 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 461 per sq.ft in 2003 to Rs 3,800 per sq.ft in 2024, with various revisions in between.

What is the land classification of Veera Sowcar Street?

Veera Sowcar Street is classified as Residential Class II Type - II.

What is the registration office for Veera Sowcar Street?

The registration office for Veera Sowcar Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Veera Sowcar 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 38,00,000, the stamp duty would be Rs 2,66,000 at a rate of 7%.