Guideline Value for VEERAVANCHI NAGAR

Veeravanchi Nagar guideline value

The current guideline value of Veeravanchi Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this street is Residential Class IV Type - I.

How the guideline value of Veeravanchi Nagar has changed

The guideline value for Veeravanchi Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 250 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2012, marking a rise of 380%. However, in 2017, the value decreased to Rs 804 per sq.ft, a drop of 33%. The value then rose again to Rs 1,200 per sq.ft in 2023, and currently stands at Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

Between the 2017 and 2023 revisions, the value increased by 49%. Overall, from the 2007 revision to the current 2024 figure, there has been a substantial increase of 420%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, indicating that Veeravanchi Nagar's current value is below this median.

• Vellalar Nagar: Rs 1,600 per sq.ft (2024)
• Vasanth Nagar: Rs 1,300 per sq.ft (2024)
• Venkataraman Nagar "anna Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "bharathi Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "dhanapalchetty Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "duraisamy Reddy Street" (All Street): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Veeravanchi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Veeravanchi Nagar?

Veeravanchi Nagar is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Korattur. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value must be considered as it influences the overall cost of the transaction. Buyers should be aware of the current guideline value to ensure they are making informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of Veeravanchi Nagar?

The current guideline value of Veeravanchi Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 420% over the years.

What is the land classification for Veeravanchi Nagar?

Veeravanchi Nagar is classified as Residential Class IV Type - I.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for properties in Veeravanchi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 13,00,000 would incur a stamp duty of Rs 91,000 at the rate of 7%.