Guideline Value for VETRI NAGAR

Vetri Nagar guideline value

The current guideline value of Vetri Nagar is Rs 440 per sq.ft, effective from 1 July 2024. This area is located in Nanthiambakkam village under the Thiruvottiyur SRO, classified as Residential Class I Type - III.

How the guideline value of Vetri Nagar has changed

The guideline value for Vetri Nagar has undergone several revisions over the years. The 2012 revision listed the value at Rs 400 per sq.ft, which then decreased to Rs 268 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 400 per sq.ft in the 2023 revision, and currently stands at Rs 440 per sq.ft from the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase in the guideline value. The changes between the revisions are as follows: a 49% increase from 2017 to 2023, and a 33% decrease from 2012 to 2017. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Nanthiambakkam

In Nanthiambakkam, there are 85 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 770 per sq.ft, with a median value of Rs 330 per sq.ft. Vetri Nagar's current guideline value of Rs 440 per sq.ft is above this median.

• Venkatraman Nagar: Rs 330 per sq.ft (2024)
• Venkatesa Nagar: Rs 330 per sq.ft (2024)
• Vinayagar Koil Street: Rs 385 per sq.ft (2024)
• Vela Vinayagar Nagar: Rs 330 per sq.ft (2024)
• Veeravanji Road: Rs 330 per sq.ft (2024)
• Vasavi Nagar: Rs 330 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 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total fees together to Rs 39,600. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vetri Nagar?

The Sub Registrar Office that covers Vetri Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Nanthiambakkam. It serves as a benchmark for determining the minimum value at which properties can be sold and purchased, ensuring that the registration process adheres to legal standards.

When a buyer or seller approaches the registration office, the guideline value is considered to calculate the applicable stamp duty and registration fees. This ensures transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value for Vetri Nagar?

The current guideline value for Vetri Nagar is Rs 440 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 2012 to Rs 268 per sq.ft in 2017, then increased to Rs 400 per sq.ft in 2023, and currently stands at Rs 440 per sq.ft in 2024.

What is the median guideline value in Nanthiambakkam?

The median guideline value in Nanthiambakkam is Rs 330 per sq.ft, with Vetri Nagar's value being above this median at Rs 440 per sq.ft.

What fees are associated with property registration in Vetri Nagar?

The fees for registering property in Vetri Nagar include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Vetri Nagar located?

The Thiruvottiyur Sub Registrar Office, which covers Vetri Nagar, is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.