Guideline Value for Vedavalli Street

Vedavalli Street guideline value

The current guideline value of Vedavalli Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Vedavalli Street has changed

The guideline value of Vedavalli Street has seen several revisions over the years. In 2002, the guideline value was Rs 358 per sq.ft, which increased to Rs 391 per sq.ft in 2003, marking a change of +9%. The value then rose significantly to Rs 850 per sq.ft in 2007, reflecting an increase of +117%. In 2012, the value was recorded at Rs 6,000 per sq.ft, which was a decrease of -33% from the previous revision. The guideline value then remained at Rs 6,000 per sq.ft until 2017, when it increased to Rs 4,020 per sq.ft. This marked a substantial increase of +49% up to the 2023 revision, which set the value at Rs 6,000 per sq.ft, before reaching the current value of Rs 6,600 per sq.ft in 2024, a rise of +10%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Vedavalli Street's current value above this median.

• Vedachalam Street: Rs 3,300 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 Vedavalli Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000. Together, these fees would total Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Vedavalli Street?

Vedavalli Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair price.

When a property is sold, the buyer is required to pay stamp duty and registration fees 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 Vedavalli Street?

The current guideline value of Vedavalli Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Vedavalli Street has changed from Rs 358 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of +1744% over the years.

What are the stamp duty rates for properties in Vedavalli Street?

The stamp duty rate for properties in Vedavalli Street is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Which office handles property registrations for Vedavalli Street?

The Virugambakkam Sub Registrar Office handles property registrations for Vedavalli Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value for streets in Saligramam?

The median guideline value for streets in Saligramam is Rs 4,400 per sq.ft, with Vedavalli Street's current value of Rs 6,600 per sq.ft being above this median.