Guideline Value for Vedandam Street

Vedandam Street guideline value

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

How the guideline value of Vedandam Street has changed

In the 2012 revision, the guideline value was Rs 2,500 per sq.ft. This figure saw a decrease of 33% by the 2017 revision, bringing it down to Rs 1,675 per sq.ft. The 2023 revision increased the value to Rs 2,500 per sq.ft, and the latest 2024 revision has further raised it to Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for Vedandam Street.

Guideline values in Chitlapakkam

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

• Vedandam Colony Main Road: Rs 2,750 per sq.ft (2024)
• Vedandam Colony Ist Street: Rs 2,750 per sq.ft (2024)
• Vedandam Colony Border Street: Rs 2,750 per sq.ft (2024)
• Vedandam Colony 2nd Cross 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost together 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 further calculations.

Which Sub Registrar Office covers Vedandam Street?

The Sub Registrar Office that covers Vedandam Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 an essential factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Vedandam Street?

The current guideline value of Vedandam 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 of Vedandam Street?

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

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

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

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This amount is then used to determine the total registration fees due at the time of property registration.