Guideline Value for Vedandam Colony Ist Street

Vedandam Colony Ist Street guideline value

The current guideline value of Vedandam Colony Ist Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO, classified as Residential Class I Type - II.

How the guideline value of Vedandam Colony Ist Street has changed

The guideline value for Vedandam Colony Ist Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was later reduced to Rs 1,675 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 2,500 per sq.ft. The latest revision in 2024 has further increased the value to Rs 2,750 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 1,650 per sq.ft. Vedandam Colony Ist Street's 2024 figure is above this median.

• Vedandam Colony Border Street: Rs 2,750 per sq.ft (2024)
• Vedandam Colony Main Road: Rs 2,750 per sq.ft (2024)
• Vedandam Colony 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Vedandam Street: Rs 2,750 per sq.ft (2024)
• Vasugi Nagar: Rs 2,750 per sq.ft (2024)
• Vasavi Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Vedandam Colony Ist Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. 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 on fees applicable to your property.

Which Sub Registrar Office covers Vedandam Colony Ist Street?

The Sub Registrar Office that covers Vedandam Colony Ist Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Chitlapakkam

The guideline value is a crucial factor when registering property transactions in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is used to calculate the fees, ensuring that the transaction is documented according to the prevailing rates set by the Registration Department. This helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Vedandam Colony Ist Street?

The current guideline value of Vedandam Colony Ist Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Vedandam Colony Ist Street?

Vedandam Colony Ist Street is classified as Residential Class I Type - II.

What are the stamp duty and registration fees for property in Vedandam Colony Ist Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where can I find the Sub Registrar Office for Vedandam Colony Ist Street?

The Sub Registrar Office for Vedandam Colony Ist Street is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.