Guideline Value for VEERAVANJI ROAD

Veeravanji Road guideline value

The current guideline value of Veeravanji Road in Nanthiambakkam village is Rs 330 per sq.ft, effective from 1 July 2024. This area falls under the Thiruvottiyur SRO and is classified as Residential Special Type - II.

How the guideline value of Veeravanji Road has changed

The guideline value for Veeravanji Road has seen several revisions over the years. In 2003, the value was Rs 42 per sq.ft, which increased to Rs 50 per sq.ft in 2007. A significant jump occurred in 2012, where the value rose to Rs 300 per sq.ft. However, this was followed by a decrease to Rs 201 per sq.ft in 2017. The value then increased to Rs 300 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 330 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 686%. The register has no figure for the year 2002 for this street.

Guideline values in Nanthiambakkam

In Nanthiambakkam, there are 85 streets under the Thiruvottiyur SRO, with guideline values ranging from Rs 275 to Rs 770 per sq.ft. The median value for these streets is Rs 330 per sq.ft, which is equal to the current guideline value for Veeravanji Road.

• Vela Vinayagar Nagar: Rs 330 per sq.ft (2024)
• Vasavi Nagar: Rs 330 per sq.ft (2024)
• Venkatesa Nagar: Rs 330 per sq.ft (2024)
• Vallal Seethagathi Nagar: Rs 330 per sq.ft (2024)
• Venkatraman Nagar: Rs 330 per sq.ft (2024)
• Vetri Nagar: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Veeravanji Road

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value is Rs 3,30,000. The stamp duty at 7% would be Rs 23,100, and the registration fee at 2% would be Rs 6,600, making the total fees together Rs 29,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Veeravanji Road?

The Sub Registrar Office that covers Veeravanji Road is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value serves as a benchmark for determining the minimum value of a property during registration. When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value as it directly impacts the overall cost of the transaction. The registration process requires adherence to these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Veeravanji Road?

The current guideline value of Veeravanji Road is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 42 per sq.ft in 2003 to Rs 330 per sq.ft in 2024, reflecting an overall increase of 686% over the period.

What is the land classification for Veeravanji Road?

Veeravanji Road is classified as Residential Special Type - II, indicating its suitability for residential development.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is the stamp duty calculated for properties on Veeravanji Road?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 3,30,000 would incur a stamp duty of Rs 23,100.