Guideline Value for VETHANAYAGAM STREET(WARD -8)

Vethanayagam Street(Ward -8) guideline value

The current guideline value of Vethanayagam Street (Ward -8) is Rs 1,760 per sq.ft, effective from 1 July 2024. This street is located in Panangottur village, under the Chengleput Joint II SRO, and is classified as Residential Special Type - III.

How the guideline value of Vethanayagam Street(Ward -8) has changed

Over the years, the guideline value of Vethanayagam Street has undergone several revisions. The most recent revision in 2024 set the value at Rs 1,760 per sq.ft, which is a 10% increase from Rs 1,600 per sq.ft in the 2023 revision. Prior to that, in 2017, the guideline value was Rs 1,072 per sq.ft, marking a significant 49% increase to the 2023 figure. The 2012 revision also recorded a guideline value of Rs 1,600 per sq.ft, which represented a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

The register has no figures for the years 2002, 2003, and 2007 regarding this street. Thus, the changes between the 2012, 2017, 2023, and 2024 revisions are the only recorded updates available.

Guideline values in Panangottur

In Panangottur, there are 419 streets under the Chengleput Joint II SRO, with the 2024 guideline values ranging from Rs 440 to Rs 2,200 per sq.ft. The median guideline value for the village is Rs 990 per sq.ft, placing Vethanayagam Street's value above this median.

• Venkateswaran Nagar (Per): Rs 660 per sq.ft (2024)
• Vgn Southern Colony (Kr): Rs 1,980 per sq.ft (2024)
• Venkatesapuram Colony (Kr): Rs 660 per sq.ft (2024)
• Vel 's Doctrs Metro Polis: Rs 1,980 per sq.ft (2024)
• Vignesh Nagar (N): Rs 660 per sq.ft (2024)
• Vellivithaiar Street (Ward -6): Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Vethanayagam Street(Ward -8)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,760 per sq.ft, the total guideline value would be Rs 17,60,000. The stamp duty at 7% would amount to Rs 1,23,200, and the registration fee at 2% would be Rs 35,200, making the total cost for these fees Rs 1,58,400. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vethanayagam Street(Ward -8)?

The Sub Registrar Office that covers Vethanayagam Street (Ward -8) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Panangottur. It is the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers must consider the guideline value when negotiating the sale price, as the duty is calculated based on the higher of the guideline value or the actual sale price.

When selling a property, the guideline value also serves as a benchmark for both buyers and sellers. It helps in establishing a fair price for the property and ensures compliance with legal requirements during the registration process. Understanding the guideline value is essential for a smooth transaction in the real estate market.

Frequently asked questions

What is the current guideline value of Vethanayagam Street(Ward -8)?

The current guideline value of Vethanayagam Street (Ward -8) is Rs 1,760 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,600 per sq.ft in 2023 to Rs 1,760 per sq.ft in 2024, a 10% increase. It increased significantly from Rs 1,072 per sq.ft in 2017 to Rs 1,600 per sq.ft in 2023, which is a 49% rise.

What is the land classification of Vethanayagam Street(Ward -8)?

Vethanayagam Street (Ward -8) is classified as Residential Special Type - III, indicating its suitability for residential purposes.

Where can I find the Chengleput Joint II Sub Registrar Office?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Vethanayagam Street(Ward -8)?

Stamp duty is calculated at a rate of 7% on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 17,60,000, the stamp duty would amount to Rs 1,23,200.