Guideline Value for VETRI NAGAR

Vetri Nagar guideline value

The current guideline value for Vetri Nagar, located in Korattur village under the Villivakkam SRO, is Rs 2,900 per sq.ft, effective from 1 July 2024. This area falls under Residential Class II Type - II land classification.

How the guideline value of Vetri Nagar has changed

In the 2012 revision, the guideline value for Vetri Nagar was Rs 2,700 per sq.ft. This figure remained unchanged in the 2023 revision, where it was still Rs 2,700 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,900 per sq.ft, marking a 7% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, there has been a 7% increase in the guideline value. The register does not have figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value range from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Vetri Nagar's 2024 figure above this median.

• Venkateswara Nagar: Rs 2,700 per sq.ft (2024)
• Venkatesa Thiyagaraja Nagar: Rs 2,900 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 1,600 per sq.ft (2024)
• Venkataraman Nagar "v.O.C.Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "venugopal Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "thiru.VI.Ka.Street": Rs 3,300 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 2,900 per sq.ft, the total guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total fees to Rs 2,61,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vetri Nagar?

The Sub Registrar Office that covers Vetri Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government collects appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official value of the property, which can influence negotiations and final sale prices. It is crucial for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vetri Nagar?

The current guideline value of Vetri Nagar is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Vetri Nagar has increased from Rs 2,700 per sq.ft in 2012 and 2023 to Rs 2,900 per sq.ft in 2024, marking a 7% increase from the previous year.

What is the land classification of Vetri Nagar?

Vetri Nagar is classified as Residential Class II Type - II, which indicates its designated use for residential purposes.

What are the stamp duty rates for property in Vetri Nagar?

The stamp duty for property in Vetri Nagar is charged at 7% of the guideline value or sale price, whichever is higher. For example, on a property valued at Rs 29,00,000, the stamp duty would be Rs 2,03,000.

Which office handles property registrations in Vetri Nagar?

The Villivakkam Sub Registrar Office handles property registrations in Vetri Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.