Guideline Value for VEERABADRAN STREET

Veerabadran Street guideline value

The current guideline value of Veerabadran Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - III.

How the guideline value of Veerabadran Street has changed

Over the years, the guideline value of Veerabadran Street has seen significant changes. In 2002, the guideline value was Rs 819 per sq.ft, which increased to Rs 910 per sq.ft in 2003, marking an increase of 11%. The value then surged dramatically to Rs 6,500 per sq.ft in 2012, reflecting a substantial increase of 614%. However, from 2012 to 2017, the value decreased to Rs 4,355 per sq.ft, a drop of 33%. The most recent revision in 2024 set the guideline value at Rs 7,100 per sq.ft, an increase of 63% from 2017.

It is important to note that there are no figures available for the years 2007 and 2023 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 767%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Veerabadran Street's 2024 figure below that median.

• Vedhantha Desikar Street (Palathoppu): Rs 9,300 per sq.ft (2024)
• Vedhachala Garden: Rs 7,100 per sq.ft (2024)
• Veeraperumal Koil Street: Rs 7,100 per sq.ft (2024)
• Vathiyar Chinna Pillai Street: Rs 3,300 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 Veerabadran Street

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 cost for these 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Veerabadran Street?

The Sub Registrar Office that covers Veerabadran Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the transaction is recorded at a value that reflects the prevailing market conditions, safeguarding both the buyer and seller.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This means that understanding the guideline value is essential for anyone looking to navigate the property market in Mylapore effectively.

Frequently asked questions

What is the current guideline value of Veerabadran Street?

The current guideline value of Veerabadran Street 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 819 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 767% over this period.

What are the stamp duty and registration fees for properties in Veerabadran Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 71,00,000, with stamp duty at Rs 4,97,000 and registration fee at Rs 1,42,000, totaling Rs 6,39,000.

Which Sub Registrar Office covers Veerabadran Street?

The Mylapore Sub Registrar Office covers Veerabadran Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Veerabadran Street?

Veerabadran Street is classified as Residential Class IV Type - III, indicating its designation for residential use within the area.