Guideline Value for VETRI NAGAR

Vetri Nagar guideline value

The current guideline value of Vetri Nagar, located in Pallikaranai village, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Vetri Nagar has changed

The guideline value of Vetri Nagar has seen significant changes over the years. In 2002, the value was Rs 53 per sq.ft, which increased to Rs 100 per sq.ft in 2003, marking an increase of 89%. By 2007, the value rose to Rs 400 per sq.ft, reflecting a substantial growth of 300%. The value remained at Rs 400 per sq.ft until 2012, when it was revised to Rs 1,500 per sq.ft, indicating a remarkable increase of 275%.

From 2012 to 2023, the guideline value remained unchanged at Rs 1,500 per sq.ft. However, in the 2024 revision, the value increased to Rs 1,650 per sq.ft, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 3013%.

Guideline values in Pallikaranai

Pallikaranai village comprises 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for the area is Rs 1,650 per sq.ft, which is equal to the current guideline value of Vetri Nagar.

• Venkatraman Street Syndicate Bank Colony: Rs 2,750 per sq.ft (2024)
• Venkatnarayanapuram: Rs 1,320 per sq.ft (2024)
• Venkateswara Nagar Extn: Rs 1,650 per sq.ft (2024)
• Venkateswara Nagar: Rs 1,650 per sq.ft (2024)
• V.G.P. Rajesh Nagar: Rs 3,850 per sq.ft (2024)
• V.G.P.Rajesh Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Vetri Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total cost for these fees Rs 1,48,500. 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 further calculations.

Which Sub Registrar Office covers Vetri Nagar?

The Sub Registrar Office that covers Vetri Nagar 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. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value will be considered alongside the sale price. The higher of the two values will be used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Vetri Nagar?

The current guideline value of Vetri Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 53 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, representing an overall increase of 3013%.

What is the registration office for Vetri Nagar?

The registration office for Vetri Nagar 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.

What are the stamp duty and registration fees for property in Vetri Nagar?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

What land classification does Vetri Nagar fall under?

Vetri Nagar is classified as Residential Class IV Type - I, which is important for understanding its zoning and permissible uses.