Guideline Value for Vedha Vinayagar Koil Street

Vedha Vinayagar Koil Street guideline value

The current guideline value of Vedha Vinayagar Koil Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Vedha Vinayagar Koil Street has changed

The guideline value for Vedha Vinayagar Koil Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,000 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012. However, there was a decrease to Rs 2,345 per sq.ft in 2017. The value then rose to Rs 3,500 per sq.ft in 2023 and further increased to the current value of Rs 3,800 per sq.ft in 2024.

From 2017 to 2023, there was a substantial increase of 49%, while the value dropped by 33% from 2012 to 2017. The increase from 2007 to 2012 was remarkable at 250%. Overall, from 2007 to 2024, the guideline value has risen by 280%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that have a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft, with a median value of Rs 4,400 per sq.ft. Vedha Vinayagar Koil Street's 2024 guideline value is below this median.

• Vedha Vinayagar Lane: Rs 6,600 per sq.ft (2024)
• Veerangavedu Murugesa Mudali Lane: Rs 4,400 per sq.ft (2024)
• Veerangavedu Murugesa Mudali Street: Rs 4,900 per sq.ft (2024)
• Veerappan Lane: Rs 6,000 per sq.ft (2024)
• Veerappan Street: Rs 6,000 per sq.ft (2024)
• Veerasamy Pillai Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Vedha Vinayagar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, while the registration fee at 2% would be Rs 76,000, bringing the total fees together to Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vedha Vinayagar Koil Street?

The Sub Registrar Office covering Vedha Vinayagar Koil Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Muthiyalpet. It is used to determine the stamp duty and registration fees that are required during the property transaction process. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When registering a property, the guideline value serves as a benchmark for calculating the applicable duties. It is essential to ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Vedha Vinayagar Koil Street?

The current guideline value of Vedha Vinayagar Koil Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 280% over the years.

What is the land classification for Vedha Vinayagar Koil Street?

Vedha Vinayagar Koil Street falls under the Residential Class II Type - I land classification.

Where can I find the Sub Registrar Office for Vedha Vinayagar Koil Street?

The Sowcarpet Sub Registrar Office, which covers Vedha Vinayagar Koil Street, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Vedha Vinayagar Koil Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 at a rate of 7%.