Guideline Value for VEERASAMY NAGAR LAYOUT

Veerasamy Nagar Layout guideline value

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

How the guideline value of Veerasamy Nagar Layout has changed

The guideline value for Veerasamy Nagar Layout has seen several revisions over the years. In 2002, the guideline value was Rs 137 per sq.ft. This increased to Rs 161 per sq.ft in 2003, marking an 18% rise. The value continued to rise significantly, reaching Rs 400 per sq.ft in 2007, which was a 148% increase from the previous revision. By 2012, the value was Rs 1,500 per sq.ft, showing a substantial increase of 275% from 2007. However, it then decreased to Rs 1,005 per sq.ft in 2017, reflecting a decline of 33%.

In 2023, the guideline value rose to Rs 1,500 per sq.ft, and in 2024, it increased further by 10% to the current rate of Rs 1,650 per sq.ft. Overall, from 2002 to 2024, the guideline value has increased by 1104%. There are no figures available for any other revisions for this street.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current value for Veerasamy Nagar Layout.

• Veerasamy Nagar Extn.: Rs 1,650 per sq.ft (2024)
• Veerasamy Nagar 4th Street: Rs 1,650 per sq.ft (2024)
• Veerasamy Nagar 1st Street: Rs 1,650 per sq.ft (2024)
• Veerasamy Nagar: 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 Layout

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 at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Veerasamy Nagar Layout?

The Sub Registrar Office that covers Veerasamy Nagar Layout 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 value of the property, ensuring that the transaction is recorded accurately in the registration office.

When a property is sold, 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 in the area.

Frequently asked questions

What is the current guideline value for Veerasamy Nagar Layout?

The current guideline value for Veerasamy Nagar Layout 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 137 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 1104% over the years.

What is the stamp duty rate for properties in Veerasamy Nagar Layout?

The stamp duty rate for properties in Veerasamy Nagar Layout is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Veerasamy Nagar Layout?

The Sub Registrar Office for Veerasamy Nagar Layout is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the other streets in Pallikaranai with the same guideline value?

Other streets in Pallikaranai with a guideline value of Rs 1,650 per sq.ft include Veerasamy Nagar Extn., Veerasamy Nagar 4th Street, Veerasamy Nagar 1st Street, and Veerasmay Nagar 3rd Street.