Guideline Value for VETRI MODERN CITY

Vetri Modern City guideline value

The current guideline value of Vetri Modern City is Rs 660 per sq.ft, effective from 1 July 2024. This area is located in Pammathukulam village, under the Redhills Sub Registrar Office (SRO), and falls under the Residential Class I Type - I land classification.

How the guideline value of Vetri Modern City has changed

The guideline value for Vetri Modern City has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 600 per sq.ft. This value remained unchanged until the next revision in 2017, where it decreased to Rs 402 per sq.ft. However, from 2017 to 2023, the value saw a significant increase to Rs 600 per sq.ft, marking a 49% rise. The most recent revision in 2024 has set the guideline value at Rs 660 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register does not provide figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pammathukulam

In Pammathukulam, there are 101 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 825 per sq.ft, with a median value of Rs 550 per sq.ft. The guideline value for Vetri Modern City is above this median.

• Venus Avenue: Rs 660 per sq.ft (2024)
• Velan City - III: Rs 550 per sq.ft (2024)
• Velan City - II: Rs 440 per sq.ft (2024)
• Velan City Annex: Rs 550 per sq.ft (2024)
• Velan City: Rs 550 per sq.ft (2024)
• Vasanth Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Vetri Modern City

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200. Together, these fees total Rs 59,400. 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 our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vetri Modern City?

The Sub Registrar Office that covers Vetri Modern City is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Pammathukulam. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vetri Modern City?

The current guideline value of Vetri Modern City is Rs 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 600 per sq.ft in 2012, decreased to Rs 402 per sq.ft in 2017, then increased to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024.

What is the registration office for Vetri Modern City?

The registration office for Vetri Modern City is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Vetri Modern City?

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 rate, the total guideline value would be Rs 6,60,000.

What are the other streets in Pammathukulam with guideline values?

Other streets in Pammathukulam include Venus Avenue, Velan City - III, Velan City - II, Velan City Annex, Velan City, and Vasanth Nagar, with guideline values ranging from Rs 440 to Rs 660 per sq.ft in 2024.