Guideline Value for VEERAMANI MAIN ROAD 1ST CROSS STREET

Veeramani Main Road 1st Cross Street guideline value

The current guideline value of Veeramani Main Road 1st Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - II.

How the guideline value of Veeramani Main Road 1st Cross Street has changed

The guideline value for Veeramani Main Road 1st Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and then to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%, while the change from 2012 to 2017 reflected a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with 2024 guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is equal to the current value of Veeramani Main Road 1st Cross Street.

• Veeramani Main Road 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Veeramani Main Road 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Veeramani Main Salai 4th Cross Street: Rs 3,300 per sq.ft (2024)
• Veeramani Salai Main Road: Rs 3,300 per sq.ft (2024)
• Va.Vo.Cee. Street(Near Ecr): Rs 2,800 per sq.ft (2024)
• Vellaikeni Kulam Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Veeramani Main Road 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Veeramani Main Road 1st Cross Street?

The Sub Registrar Office that covers Veeramani Main Road 1st Cross Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Palavakkam. It serves as a reference point for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official register.

When you approach the registration office, the guideline value will be used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Veeramani Main Road 1st Cross Street?

The current guideline value of Veeramani Main Road 1st Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification of Veeramani Main Road 1st Cross Street?

Veeramani Main Road 1st Cross Street is classified as Residential Class II Type - II, indicating its suitability for residential development.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Veeramani Main Road 1st Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.