Guideline Value for VEERATHAMMAN KOIL STREET

Veerathamman Koil Street guideline value

The current guideline value of Veerathamman Koil Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street 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 - II.

How the guideline value of Veerathamman Koil Street has changed

Over the years, the guideline value of Veerathamman Koil Street has seen significant changes. In 2002, the guideline value was Rs 111 per sq.ft. This increased to Rs 131 per sq.ft in 2003, marking an 18% rise. The value then saw a substantial jump to Rs 400 per sq.ft in 2007, reflecting a 205% increase. Following this, the value reached Rs 1,200 per sq.ft in 2012, which was a 200% increase from the previous revision. However, from 2012 to 2017, the value decreased to Rs 804 per sq.ft, a drop of 33%. The guideline value then rose to Rs 1,200 per sq.ft in 2023, a 49% increase, before reaching the current value of Rs 1,320 per sq.ft in 2024, which is a 10% increase.

There are no figures available for the revisions in the years not mentioned above. The overall increase from 2002 to 2024 is 1,089%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO with a 2024 guideline value range 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, placing Veerathamman Koil Street's 2024 figure below that median.

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

Stamp duty and registration fee for property in Veerathamman Koil Street

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Veerathamman Koil Street?

The Sub Registrar Office that covers Veerathamman Koil 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 property transactions in Pallikaranai. It serves as the minimum value for registration purposes, ensuring that properties are registered at a value that reflects the current market conditions as determined by the government. This value is essential for calculating the stamp duty and registration fees that buyers must pay when acquiring property.

When selling a property, the guideline value is also significant, as it can influence the sale price. Buyers and sellers often refer to the guideline value to gauge whether the asking price is reasonable in comparison to the officially recognized value of similar properties in the area.

Frequently asked questions

What is the current guideline value of Veerathamman Koil Street?

The current guideline value of Veerathamman Koil Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 111 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,089% over this period.

What is the land classification for Veerathamman Koil Street?

Veerathamman Koil Street is classified as Residential Class IV Type - II.

What are the stamp duty rates for properties in Veerathamman Koil Street?

The stamp duty rate for properties in Veerathamman Koil Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Veerathamman Koil Street?

The Sub Registrar Office for Veerathamman Koil 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.