Guideline Value for Vedachalam Street

Vedachalam Street guideline value

The current guideline value of Vedachalam Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Vedachalam Street has changed

Starting from the earliest revision, the guideline value for Vedachalam Street was Rs 550 per sq.ft in 2002. It increased to Rs 601 per sq.ft in 2003, marking a 9% rise. The value saw a significant jump to Rs 850 per sq.ft in 2007, reflecting a 41% increase. In 2012, the guideline value was Rs 3,000 per sq.ft, which was a substantial 253% increase from the previous revision.

In 2017, the value decreased to Rs 2,010 per sq.ft, showing a decline of 33%. The guideline value then rose to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 500%. There are no other revisions with figures for this street in the register.

Guideline values in Saligramam

In Saligramam village, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft as of 2024. The median value in this area is Rs 4,400 per sq.ft, indicating that Vedachalam Street's 2024 figure is below that median.

• Vedavalli Street: Rs 6,600 per sq.ft (2024)
• Velayudam Colony 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Velayudam Colony 1st Street: Rs 4,400 per sq.ft (2024)
• Velayudam Colony 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Velayudam Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• Velayudam Colony - Thayaki Logaiah Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Vedachalam Street

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, and the registration fee at 2% would be Rs 66,000, bringing the total charges to Rs 2,97,000. 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 more details.

Which Sub Registrar Office covers Vedachalam Street?

The Sub Registrar Office that covers Vedachalam Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold in Saligramam.

When registering a property, the guideline value is compared to the sale price, and the duty is charged on 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 Vedachalam Street?

The current guideline value of Vedachalam Street 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 undergone several revisions, increasing from Rs 550 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 500% over this period.

What is the land classification of Vedachalam Street?

Vedachalam Street is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property in Vedachalam Street?

For a property valued at the current guideline value of Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office is responsible for Vedachalam Street?

The Virugambakkam Sub Registrar Office is responsible for Vedachalam Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.