Guideline Value for VEERASAMY STREET

Veerasamy Street guideline value

The current guideline value of Veerasamy Street, located in Purasaivakkam village under the Purasaivakkam SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

How the guideline value of Veerasamy Street has changed

Over the years, the guideline value of Veerasamy Street has undergone several revisions. The earliest recorded figure is from 2007, where the value was Rs 1,800 per sq.ft. This increased to Rs 5,000 per sq.ft in 2012, marking a significant rise of 178%. However, from 2012 to 2017, the value decreased to Rs 3,350 per sq.ft, a drop of 33%. The next revision in 2023 saw another increase to Rs 5,000 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

Notably, the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 206%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, which is equal to the current guideline value of Veerasamy Street.

• Vellala 1st Lane: Rs 8,200 per sq.ft (2024)
• Vellala 2nd Lane: Rs 8,200 per sq.ft (2024)
• Vellala 3rd Lane: Rs 8,200 per sq.ft (2024)
• Vellala Street (A) Vinai Theertha Mudali Street: Rs 10,900 per sq.ft (2024)
• Vasudeva Pillai Street: Rs 6,000 per sq.ft (2024)
• Vasudevan Street (Dr. Vasudevan Street): Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Veerasamy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. 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 Veerasamy Street?

The Sub Registrar Office that covers Veerasamy Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

When buying or selling property in Purasaivakkam, the guideline value plays a crucial role during the registration process. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is legally compliant.

The guideline value is set by the government and is periodically revised. It reflects the minimum value at which properties can be registered, helping to standardize property transactions within the area.

Frequently asked questions

What is the current guideline value of Veerasamy Street?

The current guideline value of Veerasamy Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 206% over the years.

What is the land classification for Veerasamy Street?

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

Where can I find the Purasaivakkam Sub Registrar Office?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in Veerasamy Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 3,85,000.