Guideline Value for Varachithi Vinayagar Koil lane

Varachithi Vinayagar Koil lane guideline value

The current guideline value of Varachithi Vinayagar Koil lane is Rs 6,000 per sq.ft, effective from 1 July 2024. This lane is located in Vepery village under the Periamet Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of Varachithi Vinayagar Koil lane has changed

The guideline value for Varachithi Vinayagar Koil lane has undergone several revisions over the years. The earliest revision available is from 2007, which set the value at Rs 1,500 per sq.ft. This increased significantly to Rs 5,500 per sq.ft in 2012, marking a 267% rise. However, in 2017, the value decreased to Rs 3,685 per sq.ft, a drop of 33%. By 2023, the value had risen again to Rs 5,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 6,000 per sq.ft, reflecting a 9% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 300%. The register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value is Rs 4,800 per sq.ft, positioning Varachithi Vinayagar Koil lane's 2024 figure above this median.

• Varachithi Vinayagar Koil street: Rs 6,000 per sq.ft (2024)
• Vathiyar Kandappa Pillai Street: Rs 6,000 per sq.ft (2024)
• Veerasamy 1st street: Rs 3,300 per sq.ft (2024)
• Veerasamy 2nd street: Rs 3,300 per sq.ft (2024)
• Veerasamy 3rd street: Rs 3,300 per sq.ft (2024)
• Veerasamy street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Varachithi Vinayagar Koil lane

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, making the total cost for these fees Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Varachithi Vinayagar Koil lane?

The Varachithi Vinayagar Koil lane falls under the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Vepery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for both the buyer and seller. This value is used to calculate the applicable taxes and fees, making it an important aspect of the property registration process.

Frequently asked questions

What is the current guideline value of Varachithi Vinayagar Koil lane?

The current guideline value of Varachithi Vinayagar Koil lane is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 300% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000 and the registration fee would be Rs 1,20,000, totaling Rs 5,40,000.

Which office handles registrations for Varachithi Vinayagar Koil lane?

The Periamet Sub Registrar Office handles registrations for Varachithi Vinayagar Koil lane, located at 1103, Poonamallee High Road, Chennai-600 003.

What is the median guideline value for streets in Vepery?

The median guideline value for streets in Vepery is Rs 4,800 per sq.ft, with Varachithi Vinayagar Koil lane's current value of Rs 6,000 per sq.ft being above this median.