Guideline Value for VEERAMANI MAIN ROAD 3RD CROSS STREET

Veeramani Main Road 3rd Cross Street guideline value

The current guideline value of Veeramani Main Road 3rd 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 3rd Cross Street has changed

The guideline value for Veeramani Main Road 3rd Cross Street has seen several revisions over the years. In 2012, the guideline value was Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it to Rs 3,000 per sq.ft. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no registered figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value, 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 3rd Cross Street.

• Veeramani Main Road 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Veeramani Main Salai 4th Cross Street: Rs 3,300 per sq.ft (2024)
• Veeramani Main Road 1st 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 3rd 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, making the total cost for these fees 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 3rd Cross Street?

The Neelankarai Sub Registrar Office covers Veeramani Main Road 3rd Cross Street. The office is 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 during property registration in Palavakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. The guideline value serves as a benchmark for the property’s value, ensuring that the transaction is appropriately taxed.

When buyers or sellers engage in a property transaction, they must refer to the current guideline value to understand the financial implications. This value helps in calculating the costs associated with the registration process, which is essential for legal ownership transfer.

Frequently asked questions

What is the current guideline value of Veeramani Main Road 3rd Cross Street?

The current guideline value of Veeramani Main Road 3rd 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 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Veeramani Main Road 3rd Cross Street?

Veeramani Main Road 3rd Cross Street is classified as Residential Class II Type - II.

Where is the Neelankarai Sub Registrar Office located?

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 stamp duty calculated for properties in Palavakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 3,300 per sq.ft incurs a total guideline value of Rs 33,00,000, leading to specific fees based on this value.