Guideline Value for VELLAMMAL PALLI STREET

Vellammal Palli Street guideline value

The current guideline value of Vellammal Palli Street is Rs 1,660 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village and falls under the Chennai South Joint I SRO, classified as Residential Class III Type - I.

How the guideline value of Vellammal Palli Street has changed

Over the years, the guideline value for Vellammal Palli Street has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the latest 2024 revision raised it further to Rs 1,660 per sq.ft, marking an 11% increase from the previous year.

In terms of percentage changes, the guideline value rose by 49% from 2017 to 2023, while it decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 770 to Rs 5,500 per sq.ft. The median guideline value is Rs 1,660 per sq.ft, which is equal to the current value of Vellammal Palli Street.

• Vembuli Naicker Street: Rs 1,660 per sq.ft (2024)
• Vembuli Nayackar 1st Cross Street: Rs 1,660 per sq.ft (2024)
• Vembuli Nayackar 2nd Cross Street: Rs 1,660 per sq.ft (2024)
• Vanagaram Seik Manyam: Rs 1,320 per sq.ft (2024)
• Valliyammal Nagar: Rs 1,100 per sq.ft (2024)
• Vallalar Nagar 1st Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Vellammal Palli Street

For a 1,000 sq.ft plot at the current rate of Rs 1,660 per sq.ft, the guideline value would be Rs 16,60,000. The stamp duty at 7% would amount to Rs 1,16,200, while the registration fee at 2% would be Rs 33,200. Together, the total cost would be Rs 1,49,400. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vellammal Palli Street?

The Vellammal Palli Street is covered by 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 Vanagaram

The guideline value is an important factor in property transactions in Vanagaram, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid to the government.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with registration requirements. This value helps maintain transparency in property transactions and ensures that the appropriate taxes are collected based on the property's worth.

Frequently asked questions

What is the current guideline value of Vellammal Palli Street?

The current guideline value of Vellammal Palli Street is Rs 1,660 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, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,660 per sq.ft in 2024.

What is the registration office for Vellammal Palli Street?

The registration office for Vellammal Palli 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 stamp duty calculated for properties on Vellammal Palli Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,16,200.

What other streets in Vanagaram have the same guideline value?

Other streets in Vanagaram that share the same guideline value of Rs 1,660 per sq.ft include Vembuli Naicker Street, Vembuli Nayackar 1st Cross Street, and Vembuli Nayackar 2nd Cross Street.