Guideline Value for VETRIVEL NAGAR

Vetrivel Nagar guideline value

The current guideline value of Vetrivel Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Chitthalapakkam village under the Selaiyur SRO and is classified as Residential Special Type - III.

How the guideline value of Vetrivel Nagar has changed

Over the years, the guideline value of Vetrivel Nagar has seen several revisions. The earliest recorded revision is from 2012, where the value was Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in 2017. The 2023 revision raised the value back to Rs 3,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 3,300 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The value then increased by 10% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitthalapakkam

In Chitthalapakkam, there are 107 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 5,000 per sq.ft. The median value for these streets is Rs 2,900 per sq.ft, placing Vetrivel Nagar's 2024 figure above this median.

• Vetri Nagar: Rs 2,700 per sq.ft (2024)
• Vetri Kargil Nagar: Rs 3,300 per sq.ft (2024)
• Venus Colony: Rs 3,300 per sq.ft (2024)
• Victorya Avenue: Rs 2,700 per sq.ft (2024)
• Vigneshpuram: Rs 2,700 per sq.ft (2024)
• Vignesh Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Vetrivel Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for these fees would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vetrivel Nagar?

The Sub Registrar Office that covers Vetrivel Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Chitthalapakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Chitthalapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must pay the stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vetrivel Nagar?

The current guideline value of Vetrivel Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification of Vetrivel Nagar?

Vetrivel Nagar is classified as Residential Special Type - III, indicating its designation for residential use.

What are the stamp duty and registration fees for properties in Vetrivel Nagar?

The stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.