Guideline Value for VEERAMAMUNIVAR STREET

Veeramamunivar Street guideline value

The current guideline value of Veeramamunivar Street is Rs 800 per sq.ft, effective from 1 July 2024. This street is located in Vengathur village under the Manavalanagar SRO, classified as Residential Class I Type - II.

How the guideline value of Veeramamunivar Street has changed

Over the years, the guideline value of Veeramamunivar Street has undergone several revisions. The earliest recorded revision was in 2007, with a guideline value of Rs 125 per sq.ft. This figure increased significantly to Rs 800 per sq.ft in 2012, marking a substantial rise of 540%. In the subsequent revision in 2017, the value adjusted to Rs 536 per sq.ft, which was a decrease of 33%. The guideline value remained at Rs 800 per sq.ft in both the 2023 and 2024 revisions, indicating no change between these two years.

The register has no figures for the years 2002 and 2003. From 2007 to 2024, the overall change in guideline value is an increase of 540%, reflecting the fluctuations in the property market over the years.

Guideline values in Vengathur

In Vengathur village, there are 186 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 2,000 per sq.ft. The median value for these streets is Rs 1,000 per sq.ft, positioning Veeramamunivar Street's 2024 figure below that median.

• Veenas Street: Rs 800 per sq.ft (2024)
• Va.Voo.See. Street: Rs 1,300 per sq.ft (2024)
• VELAYUTHA REDDY Ist GURUKU STREET: Rs 1,000 per sq.ft (2024)
• Velayutha Reddy Street: Rs 1,000 per sq.ft (2024)
• Varalakshmi Nagar: Rs 1,300 per sq.ft (2024)
• Velunachiyar Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Veeramamunivar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 800 per sq.ft, the total guideline value amounts to Rs 8,00,000. The stamp duty at 7% would be Rs 56,000, and the registration fee at 2% would be Rs 16,000, bringing the total fees to Rs 72,000. 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 Veeramamunivar Street?

The Sub Registrar Office that covers Veeramamunivar Street is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Vengathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value helps ascertain the applicable stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher. This ensures that all transactions adhere to the legal framework established by the Registration Department.

Frequently asked questions

What is the current guideline value of Veeramamunivar Street?

The current guideline value of Veeramamunivar Street is Rs 800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 125 per sq.ft in 2007 to Rs 800 per sq.ft in 2012, followed by Rs 536 per sq.ft in 2017. It has remained at Rs 800 per sq.ft in both the 2023 and 2024 revisions.

What is the land classification for Veeramamunivar Street?

Veeramamunivar Street is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties on this street?

For a 1,000 sq.ft property valued at Rs 800 per sq.ft, the total guideline value is Rs 8,00,000. The stamp duty would be Rs 56,000 and the registration fee would be Rs 16,000, totaling Rs 72,000.

Which Sub Registrar Office handles registrations for Veeramamunivar Street?

The Manavalanagar Sub Registrar Office handles registrations for Veeramamunivar Street, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.