Guideline Value for VEERAMANI SALAI MAIN ROAD

Veeramani Salai Main Road guideline value

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

How the guideline value of Veeramani Salai Main Road has changed

The guideline value for Veeramani Salai Main Road has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,000 per sq.ft, and the most recent 2024 revision has raised it to Rs 3,300 per sq.ft. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. The jump from 2023 to 2024 reflects a 10% increase. Overall, comparing the 2012 figure to the 2024 figure, there has been a 10% increase in the guideline value.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with 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 2024 figure for Veeramani Salai Main Road.

• Veeramani Main Salai 4th Cross Street: Rs 3,300 per sq.ft (2024)
• Veeramani Main Road 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Veeramani Main Road 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Veeramani Main Road 1st Cross Street: 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 Salai Main Road

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Veeramani Salai Main Road?

The Sub Registrar Office that covers Veeramani Salai Main Road 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 here.

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

The guideline value plays a crucial role in the registration process of property transactions in Palavakkam. It serves as a benchmark for determining the minimum value of property for registration purposes, ensuring that the property is not undervalued during the sale.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions are conducted transparently and in accordance with legal requirements.

Frequently asked questions

What is the current guideline value of Veeramani Salai Main Road?

The current guideline value of Veeramani Salai Main Road 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 for Veeramani Salai Main Road?

Veeramani Salai Main Road is classified as Residential Class II Type - II, indicating its suitability for residential developments.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a total fee of Rs 2,97,000.

Where can I find the Sub Registrar Office for Veeramani Salai Main Road?

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