Guideline Value for VERKADALAI CHERI

Verkadalai Cheri guideline value

The current guideline value of Verkadalai Cheri is Rs 2,150 per sq.ft, effective from 1 July 2024. This area is located in Thiruvottiyur village, under the Thiruvottiyur SRO, and is classified as Residential Class I Type - II.

How the guideline value of Verkadalai Cheri has changed

The guideline value for Verkadalai Cheri has undergone several revisions over the years. In 2007, the guideline value was Rs 400 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 400%. However, in 2017, it decreased to Rs 1,340 per sq.ft, which was a decline of 33%. The value then saw a substantial increase to Rs 2,000 per sq.ft in 2023, reflecting a growth of 49%. The most recent revision in 2024 set the value at Rs 2,150 per sq.ft, an increase of 8% from the previous year.

It is important to note that the guideline register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 438%.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 8,600 per sq.ft, with the median being Rs 3,300 per sq.ft. The guideline value for Verkadalai Cheri is below this median.

• Village Street: Rs 3,700 per sq.ft (2024)
• Vinayagapuram: Rs 2,800 per sq.ft (2024)
• Velayutham Nagar: Rs 3,300 per sq.ft (2024)
• Vivekanandan Street: Rs 3,700 per sq.ft (2024)
• Vedhachalam Avenue: Rs 3,300 per sq.ft (2024)
• V.O.C. Nagar: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Verkadalai Cheri

For a 1,000 sq.ft plot at the current guideline value of Rs 2,150 per sq.ft, the total guideline value amounts to Rs 21,50,000. The stamp duty at 7% would be Rs 1,50,500, and the registration fee at 2% would be Rs 43,000, bringing the total charges to Rs 1,93,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Verkadalai Cheri?

The Sub Registrar Office covering Verkadalai Cheri 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 Thiruvottiyur

The guideline value is a crucial factor during the registration of property transactions in Thiruvottiyur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the fees reflect the current market conditions as reflected in the guideline values set by the Registration Department.

Frequently asked questions

What is the current guideline value of Verkadalai Cheri?

The current guideline value of Verkadalai Cheri is Rs 2,150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 2,150 per sq.ft in 2024, reflecting an overall increase of 438% over the years.

What are the stamp duty and registration fees for property in Verkadalai Cheri?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total charges would be Rs 1,93,500.

Which office handles property registration for Verkadalai Cheri?

The Thiruvottiyur Sub Registrar Office handles property registration for Verkadalai Cheri, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the land classification of Verkadalai Cheri?

Verkadalai Cheri is classified as Residential Class I Type - II, which is important for understanding the permissible land use and property development in the area.