Guideline Value for Varachithi Vinayagar Koil street

Varachithi Vinayagar Koil street guideline value

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

How the guideline value of Varachithi Vinayagar Koil street has changed

The guideline value for Varachithi Vinayagar Koil street has seen several revisions over the years. In 2007, the value was set at Rs 1,500 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012, marking a rise of 267%. However, between 2012 and 2017, the value decreased to Rs 3,685 per sq.ft, a drop of 33%. The value then increased to Rs 5,500 per sq.ft in 2023, representing a 49% increase, and is currently set at Rs 6,000 per sq.ft from the 2024 revision, reflecting a 9% rise.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 300%.

Guideline values in Vepery

In Vepery, 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 street above this median.

• Varachithi Vinayagar Koil lane: 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 street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, while the registration fee at 2% would be Rs 1,20,000, bringing the total fees to 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.

You can use the stamp duty and registration fee calculator for precise calculations based on your property.

Which Sub Registrar Office covers Varachithi Vinayagar Koil street?

The Sub Registrar Office that covers Varachithi Vinayagar Koil street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Vepery, as it determines the official value of the property for registration purposes. This value is used to calculate the stamp duty and registration fees, which are mandatory when completing a property transaction.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. 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 Varachithi Vinayagar Koil street?

The current guideline value of Varachithi Vinayagar Koil street 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 a total increase of 300% over the years.

What are the other streets in Vepery with their guideline values?

Other streets in Vepery include Varachithi Vinayagar Koil lane and Vathiyar Kandappa Pillai Street, both at Rs 6,000 per sq.ft, and several Veerasamy streets at Rs 3,300 per sq.ft.

What is the registration fee for property transactions?

The registration fee is typically 2% of the guideline value of the property. For example, on a property valued at Rs 60,00,000, the registration fee would be Rs 1,20,000.

Where can I find the Sub Registrar Office for Varachithi Vinayagar Koil street?

The Sub Registrar Office for Varachithi Vinayagar Koil street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.