Guideline Value for Veerabadra Street

Veerabadra Street guideline value

The current guideline value of Veerabadra Street is Rs 11,500 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this street is Commercial Special Type - V.

How the guideline value of Veerabadra Street has changed

The guideline value for Veerabadra Street has seen several revisions over the years. In 2007, the value was Rs 3,000 per sq.ft, which increased significantly to Rs 10,500 per sq.ft in 2012, marking a 250% rise. However, from 2012 to 2017, the value dropped to Rs 7,035 per sq.ft, a decrease of 33%. The value then rose sharply to Rs 10,500 per sq.ft in 2023, reflecting a 49% increase.

The most recent revision in 2024 has set the guideline value at Rs 11,500 per sq.ft, which is a 10% increase from the previous year. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, placing Veerabadra Street's 2024 figure above this median.

• Veerabadra Iyer Cross Street: Rs 8,800 per sq.ft (2024)
• Velayutham Street: Rs 6,600 per sq.ft (2024)
• Valluvar Kuppam: Rs 7,100 per sq.ft (2024)
• Valluvarkottam High Road (or) Village Road: Rs 13,200 per sq.ft (2024)
• Valluvarkottam 2nd Lane: Rs 8,800 per sq.ft (2024)
• Valluvarkottam 1st Lane: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Veerabadra Street

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value amounts to Rs 1,15,00,000. The stamp duty is charged at 7%, which totals Rs 8,05,000, and the registration fee at 2% amounts to Rs 2,30,000. Together, the total cost for stamp duty and registration fee would be Rs 10,35,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Veerabadra Street?

Veerabadra Street is covered by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value of a property, which is essential for calculating stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. It is important for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Veerabadra Street?

The current guideline value of Veerabadra Street is Rs 11,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 11,500 per sq.ft in 2024, marking an overall increase of 283% over the years.

What is the land classification for Veerabadra Street?

Veerabadra Street is classified as Commercial Special Type - V, indicating its suitability for commercial activities.

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

The Sub Registrar Office covering Veerabadra Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the stamp duty calculated for properties in Veerabadra Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 1,15,00,000, the stamp duty would be Rs 8,05,000 at a rate of 7%.