Guideline Value for Vedagiri Street

Vedagiri Street guideline value

The current guideline value of Vedagiri Street, located in Parangimalai village, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of Vedagiri Street has changed

The guideline value of Vedagiri Street has undergone several revisions over the years. In 2002, the guideline value was Rs 266 per sq.ft, which increased to Rs 333 per sq.ft in 2003, marking a 25% rise. The value then saw a significant increase to Rs 750 per sq.ft in 2007, a jump of 125%. Following this, the guideline value rose dramatically to Rs 3,500 per sq.ft in 2012, reflecting a 367% increase. However, it decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%. The value then increased to Rs 3,500 per sq.ft in 2023, followed by the current value of Rs 3,850 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 1347%. The register has no figures for the years between these revisions.

Guideline values in Parangimalai

In Parangimalai village, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, which is equal to the current guideline value of Vedagiri Street.

• Vembuli Subedhar Street: Rs 3,850 per sq.ft (2024)
• Valluvar Street (Kalaignar Nagar): Rs 3,300 per sq.ft (2024)
• Valluvar Street: Rs 3,300 per sq.ft (2024)
• Ussain Subedhar Street: Rs 3,850 per sq.ft (2024)
• V.G.P.Murthy Square: Rs 11,000 per sq.ft (2024)
• Thulasinghapuram: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vedagiri Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. 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 Vedagiri Street?

The Sub Registrar Office that covers Vedagiri Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Parangimalai. 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 is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the registration process is aligned with the official valuation set by the authorities.

Frequently asked questions

What is the current guideline value of Vedagiri Street?

The current guideline value of Vedagiri Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 266 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1347% over the years.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 38,50,000, with a stamp duty of Rs 2,69,500 and a registration fee of Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office covers Vedagiri Street?

The Chennai South Joint II Sub Registrar Office covers Vedagiri Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification of Vedagiri Street?

Vedagiri Street is classified as Residential Class II Type - I, indicating its designation for residential use within the area.