Guideline Value for VEERASAMY NAGAR 1ST STREET

Veerasamy Nagar 1st Street guideline value

The current guideline value of Veerasamy Nagar 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village under the Chennai South Joint I SRO, and it falls under the Residential Class IV Type - I land classification.

How the guideline value of Veerasamy Nagar 1st Street has changed

The guideline value for Veerasamy Nagar 1st Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 1,500 per sq.ft. This was followed by a decrease in 2017 to Rs 1,005 per sq.ft, marking a decline of 33%. However, the most recent revision in 2024 saw an increase to Rs 1,650 per sq.ft, representing a significant rise of 64% from the 2017 figure.

Overall, comparing the figures from 2012 to 2024, there has been a modest increase of 10%. It is important to note that the register does not contain figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is the same as the 2024 figure for Veerasamy Nagar 1st Street.

• Veerasamy Nagar: Rs 1,650 per sq.ft (2024)
• Veerasamy Nagar 4th Street: Rs 1,650 per sq.ft (2024)
• Veerasamy Nagar Extn.: Rs 1,650 per sq.ft (2024)
• Veerasamy Nagar Layout: Rs 1,650 per sq.ft (2024)
• Veerasmay Nagar 3rd Street: Rs 1,650 per sq.ft (2024)
• Veerathamman 2nd Cross Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Veerasamy Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty, calculated at 7%, would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total cost for these fees Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Veerasamy Nagar 1st Street?

The Sub Registrar Office that covers Veerasamy Nagar 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which the property can be registered, ensuring that the property is not undervalued during the transaction.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Veerasamy Nagar 1st Street?

The current guideline value for Veerasamy Nagar 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then to Rs 1,650 per sq.ft in 2024, reflecting a significant increase from the 2017 figure.

What is the land classification for Veerasamy Nagar 1st Street?

Veerasamy Nagar 1st Street is classified under Residential Class IV Type - I land classification.

Where can I find the Sub Registrar Office for Veerasamy Nagar 1st Street?

The Sub Registrar Office for Veerasamy Nagar 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Veerasamy Nagar 1st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500.